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Netflix had another disastrous quarter as new subscriptions fell short of guidance, causing shares of the streaming entertainment giant to plummet close to 20 percent in after-hours trading on Thursday. Compounding the gloom, the company said it is expecting weak subscriber growth for the first three months of 2022, with executives blaming the continued effects of the COVID-19 pandemic.
The results point to a significant weakening of Netflix’s main revenue stream — paying customers. The company is failing to sign up new subscribers at a level that Wall Street believes will keep the streamer in robust health, an ominous development that could imperil Netflix’s ability to keep up with growing competition.
The article goes on to state the following:
On Thursday, Netflix reported new subscriptions for the fourth quarter of 8.28 million, well short of the company’s own guidance of 8.5 million. The figure also fell short of certain analyst estimates, with The Street forecasting 8.4 million new customers.
Netflix said in a letter to shareholders, “While retention and engagement remain healthy, acquisition growth has not yet re-accelerated to pre-COVID levels. We think this may be due to several factors including the ongoing COVID overhang and macro-economic hardship in several parts of the world like LATAM [Latin America].”
Last week Netflix announced they would be increasing the price for all domestic subscribers. According to the article, the price for a premium subscription will now be $19.99, basic subscription will be $9.99 and the standard subscription will be $15.49.
Jack Posobiec tweeted Friday, “Human Events and Spillover listeners were told months ago that Netflix was a Ponzi scheme to manipulate the stock price. And now their stock is plunging.”
Human Events and Spillover listeners were told months ago that Netflix was a Ponzi scheme to manipulate the stock price
And now their stock is plunging @yoalexrapz
— Jack Posobiec 🇺🇸 (@JackPosobiec) January 21, 2022
Writer Alex Weprin tweeted, “Netflix’s 22% stock price drop at the open equates to $48B… more than the total market caps of ViacomCBS and Fox Corp. combined.”
Netflix’s 22% stock price drop at the open equates to $48B… more than the total market caps of ViacomCBS and Fox Corp. combined.
— Alex Weprin (@alexweprin) January 21, 2022
Suburban Black Man wrote, “Netflix shares PLUMMET NEARLY 25% at today’s open, biggest decline since 2014. Go woke…”
— Suburban Black Man 🇺🇸 (@goodblackdude) January 21, 2022
— Daily Mail US (@DailyMail) January 21, 2022
I tried to tell ‘em that Barack and Michelle were not as popular as they thought.
— Lance Wallnau (@lancewallnau) January 21, 2022
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