NETFLIX STOCK DIPS ON WEAK GROWTH FORECAST

Netflix Inc. provided a weak forecast for customer growth in the current quarter as the streaming video pioneer faces growing competition, the return of movie theatres and a lifting of pandemic restrictions that had kept people at home. The firm's shares dropped 1.6 per cent in after-hours trading on Tuesday. Earnings per share for the quarter came in at US$2.97, below the average forecast of US$3.16, according to analysts surveyed by Refinitiv. Netflix is weathering a sharp slowdown in new customers after a boom in 2020 fuelled by stay-at-home orders. The company projected it would add 2.6 million customers from July through September. Wall Street had expected a forecast of 5.5 million. For the just-ended quarter, Netflix added 1.54 million customers, reaching 209 million in total.Reuters