Streaming giant's stock price has fallen sharply after management said they expect to add fewer subscribers.
pace of annual growth since 2016. Over the last five years, the platform has added an average of 26.5 million users annually, according to investment research firm MoffettNathanson. In 2020, Netflix added more than 20 million users.
"It's tough to say exactly why our acquisition hasn't kind of recovered to pre-COVID levels," Netflix Chief Financial Officer Spencer Adam Neumann told analysts in a call on Thursday to discuss the company's fourth-quarter results.
Netflix now has roughly 222 million subscribers worldwide, making it the leader by far in an increasingly competitive streaming market.Despite Netflix's challenges, many Wall Street investors are still bullish on its prospects. Analysts at BofA Global Research said the shortfall in new subscribers suggests management is having a harder time forecasting growth, rather than a sign the company is hitting a wall.
Netflix faces a tougher slog growing in its biggest market — the U.S. and Canada. Some experts see fewer opportunities to add customers, especially amid mounting streaming competition from companies ranging from Apple and AT&T to Disney and ViacomCBS . Netflix has more than 75 million subscribers in the two countries, but added only 1.3 million in the region last year.
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