Netflix narrowly missed its forecast for subscribers in the fourth quarter, reporting 221.84 million worldwide. The gain of more than 8 million fell just shy of company and Wall Street predictions …
narrowly missed its forecast for subscribers in the fourth quarter, reporting 221.84 million worldwide.
The gain of more than 8 million fell just shy of company and Wall Street predictions for 8.5 million. The company also guided to a bit more than 224 million subscribers by the end of the current quarter, a conservative outlook that also dampened investor enthusiasm. Earnings per share, however, handily topped forecasts at a diluted $1.34, while revenue was in line with expectations at $7.7 billion.
The results send Netflix stock down more than 10% in after-hours trading. It closed the regular trading day at $508.25, a decline of 2%. After hitting all-time highs last fall, it has tumbled to its lowest level since last spring. Netflix faces mounting competition, especially in the U.S., where Disney, WarnerMedia, Apple and others have rushed into the subscription
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