Netflix shares opened sharply lower on Wednesday after saying it added just 4m subscribers in the first quarter, a sharp slowdown from its pandemic-driven gains last year as the US began to emerge from lockdown.
At the end of March, the streaming giant had 208m customers globally, it said on Tuesday, falling short of its own guidance for 210m.
Netflix said it also expected the second quarter to be slower, projecting only 1m subscriber additions and a “roughly flat” customer base in North America, its largest market.
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