Netflix Inc. stated that subscriber growth for the first quarter was weaker than anticipated, a potential warning sign for the company as consumers in multiple countries start to emerge from pandemic-oriented lockdowns and as streaming competition increases.
The company on Tuesday stated that it added another four million subscribers on a net basis internationally between January and March, less than its forecast of six million.
“It’s just a little wobbly right now,” Netflix Chairman and Co-Chief Executive Reed Hastings said on the Company’s video call to discuss results. Netflix shares were 8.4% lower in after-hours trading. The stock is up almost 26% over the last 12 months.
The subscriber increase in the first quarter was far below the 15.8 million increase from a year earlier, when the spread of the coronavirus was first intensifying and people were homebound and bingeing on content.