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Thursday, February 29, 2024

Netflix warns of slowdown after subscriber surge

Netflix has seen a surge in sign-ups due to the coronavirus lockdown, but has warned investors that subscriber growth will slow.

The streaming giant added more than 10 million subscribers in the three months to July, bringing the total of new subscribers to 26 million in 2020.

In contrast, Netflix saw 28 million new subscribers for the whole of 2019.

“Growth is slowing as consumers get through the initial shock of coronavirus and social restrictions.”

Netflix shares dropped in after-hours trading as investors digested the firm’s quarterly update.

The streaming service’s revenue increased almost 25% to $6.1bn (£4.9bn), while profits rose to $720m in the quarter, up from $271m a year go.

The subscriber additions were far higher than analysts had expected.

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