Netflix came down to earth with a bump in the first quarter following a year of growth driven by the Covid-19 pandemic.
In its latest set of results, the company says it gained only 4 million paid subscribers in Q1 globally rather than the forecast 6 million.
However, its paid membership total, at 207.64 million, was still 13.6% higher than a year earlier.
At the same time, its revenues of $7,163 million were 24.2% higher than in Q1 2020, while net income more than doubled from $709 million to $1,707 million over the same period.
Netflix now expects to gain an additional 1 million paid subscribers globally in Q2, compared to 10 million in the second quarter of last year.
It also notes that production delays in 2020 due to Covid-19 will lead to a 2021 slate that is more second half weighted.
It expects to be back up and safely producing in every market, with the exception of Brazil and India, and to spend over $17 billion in cash on content this year.
Following the release of Netflix’s results, its shares fell by 11% in after-hours trading to $489.28.
