Netflix tumbles 6% after results show tough streaming competition

Netflix Inc. tumbled Wednesday after missing Wall Street’s estimates for subscribers, renewing doubts about its ability to maintain growth as pandemic lockdowns go away and competition intensifies.

The world’s largest paid streaming service added just 2.2 million new subscribers in the third quarter, it said Tuesday. That was well short of the 3.32 million predicted by analysts, as well as the company’s own more conservative projection. Netflix also predicted that it will sign up 6 million new subscribers this period, below the 6.54 million Wall Street estimate.

Netflix shares fell as much as 6 per cent to $494 in New York trading