NETFLIX MISSES ON PAID SUBSCRIBERS

Netflix Inc added fewer-than-expected paid subscribers in the first quarter, weighed down by a lighter content slate due to COVID-19 production delays, sending shares tumbling in after-market trading. Rapid growth in subscriber base during the pandemic-led lockdown also seems to be slowing . The company said Tuesday it added 3.98 million paid subscribers in the quarter ended March 31. Analysts had expected 6.25 million, according to IBES data from Refinitiv. Revenue rose to US$7.16 billion from US$5.77 billion during the quarter, edging past estimates of US$7.13 billion. Net income rose to US$1.71 billion, or US$3.75 per share, from US$709 million, or US$1.57 per share, a year earlier.