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Netflix lost 430,000 subscribers to the US and Canada in the second quarter and issued disappointing predictions by the end of the year, reviving doubts by investors as to how the group would turn the economy around.
The California-based company predicted it would increase 3.5m subscribers in the third quarter, disappointing investors who want stronger power in the second half of this year. Investigators had predicted that Netflix would add 5.9m subscribers in the third quarter.
Shares fell by 1.4% on previous trades per hour.
The California company added 1.5m subscribers in the second quarter, above Wall Street predicting 1.1m predictions.
After adding more customers last year, the number of subscribers declined sharply as new competitors entered the market and people came out due to the outbreak of the epidemic.
New subscriptions have stopped in the US, Netflix’s largest market, while many coronavirus inhibitors have been reinstated.
“The epidemic has brought a dramatic decline in our growth,” company executives told their partners.
Reed Hastings, Netflix’s chief executive, has denied allegations of competition risk. Last year and a half, Disney, Apple, WarnerMedia, Comcast and others set up promotional platforms, and there are more than 100 services to choose from, according to data company Ampere.
Instead, Netflix executives claimed to be lightly displaying shows and videos and promised that growth would take the second half of 2021 and reintroduce roles such as Mfiti and Sex Education.
“Covid and its variants make predicting the future difficult, but for the most successful producers so far, we hope to be able to deliver a solid second half [shows], “The company said Tuesday.
However, Netflix is still the biggest video marketing activity, with a subscription of 209m, compared to Disney Plus’ s 104m, its favorite competitor.
Second quarter earnings increased by 19% from the same period last year to $ 7.3bn, experts predict. Total revenue has increased to $ 1.4bn, up from $ 720ma last year.
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