Netflix shares plunge after a slowdown in subscriber growth

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Netflix shares plunge after a slowdown in subscriber growth

  • Video-streaming giant Netflix has projected an approximate 6 million new subscribers for January to March but only 3.98 million people signed up.
  • Netflix shares fell in after-hours trading when the news came out to $489 wiping about $25bn off the company’s market cap.
  • The streaming service added 15.8 million new subscribers last year as Covid-19 forced people around the world to stay home.
  • Much of that growth came in Asia, where Netflix added 9.3 million new subscribers in 2020, an increase of about 65% over the previous year.