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Netflix misses subscriber addition estimates; shares tumble 10% -Breaking

by Mike Robinson

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© Reuters. Here is an illustration of the Netflix logo on a TV remote control. It was captured January 20, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters] -Netflix Inc announced Thursday that it had received fewer than expected subscriber additions in the fourth quarter. The report highlights Netflix’s struggle to attract new users amid pandemic restrictions and increased competition.

After-market trading saw shares of the company fall by nearly 10%

As people get tired of living in isolation, the big boost to subscriptions due to pandemic is diminishing. In mid-December came the superhero movie “SpiderMan: No Way Home”, the first pandemic-era film to surpass $1 billion in global box office.

Netflix (NASDAQ: ) also faces deep-pocketed competitors in its battle to attract streaming subscribers.

In the three-month period ended December 31, 2018, 8.28 millions subscribers were added by the company. Refinitiv data shows that analysts expected an increase in subscribers of 8.39million on average.

Netflix’s fourth-quarter revenues were $7.71B, which was in line to estimates of $7.71B.

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