- Netflix fell 7.4% after missing subscriber estimates and issuing disappointing Q2 guidance.
- Netflix also is contending with more competition now. Its rivals include Disney+ from Walt Disney (DIS), HBO Max from AT&T (T), Peacock from Comcast (CMCSA) and Paramount+ from ViacomCBS (VIAC).
Los Gatos, Calif.-based Netflix added 3.98 million new streaming subscribers in the first quarter. At the start of the quarter, Netflix forecast adding 6 million new subscribers in the period. Wall Street was looking for 6.3 million net new Netflix subscribers in the March quarter.
Netflix faced difficult comparisons to the year-earlier period when it added 15.77 million new subscribers, crushing Wall Street's estimates. The subscription video-on-demand service got a huge boost in subscribers as people stayed home at the start of the Covid-19 pandemic.
For the current quarter, Netflix expects to add 1 million new subscribers worldwide. Wall Street had predicted 4.4 million net new adds in the second quarter. In the June quarter last year, Netflix added 10.09 million new subscribers.
Netflix ended the March quarter with 207.64 million streaming subscribers worldwide.
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