![]() Netflix executives said that a lack of new original programming, especially early in the quarter, was a factor in their forecast. Opinion: Netflix admits that it is time to grow up, but Wall Street isn’t happy about it In a video call following the results, Netflix Chief Financial Officer Spencer Neumann said it was tough to pinpoint why net new subscribers are plunging, but it could be attributable to “COVID overhang” after two years and a “marginal impact from competition.” Which has a market cap of less than $38 billion. Which was worth less than $45 billion as of Friday’s close, and streaming-music company Spotify Technology SA That decline is more than the total market cap of Zoom Video Communications Inc. Netflix shares plummeted 21.8% Friday, lopping off $49.1 billion in market capitalization from the streaming giant, which had ended Thursday’s trading session worth about $225 billion. ![]() The number allayed the stark warnings of some analysts, including JPMorgan’s Doug Anmuth, who had feared a significant shortfall of new subscribers, but executives do see a precipitous slowdown ahead - they predicted just 2.5 million net new subscribers in the first quarter, less than half the 5.8 million that analysts were projecting on average, according to FactSet. ![]()
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