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Netflix misses estimates for new subscribers

Reuters Videos
Updated

Netflix on Tuesday missed expectations for paid subscriber growth in the third quarter, sending shares tumbling nearly six percent in after-hours trading.

The streaming giant - one of the biggest gainers this year as more people stayed home - said it added 2.2 million paid subscribers globally during the quarter that ended Sept. 30, compared with analysts' estimates for 3.4 million.

Netflix - which added shows like Enola Holmes and Emily in Paris in the third quarter - has recently been hit by more streaming competition.

And it has taken a hit from the return of live sports to television.

Netflix had warned investors that a sudden surge in new users would fade as stay at home restrictions eased and consumers choose the outdoors over their couch.