Shock after all records: Netflix has the lowest revenue in the last for years
News - Nov 10, 2020
The US streaming platform ‘Netflix’ announced that it recorded the lowest subscription-generated revenue in the last quarter for the past four years.
This resulted from increasing competition, alleviation of measures against the coronavirus pandemic and return of sports events on TV screens, the Reuters reports.
In the quarter ending on Sep. 30, Netflix won 2.2 million new subscribers, against the projected 3.4 million, as estimated by the company and Wall Street.
On Tuesday, Netflix shares fell on the stock exchanges, although the company has been one of this year’s top winners, after a surge of subscriptions due to the global measures against coronavirus, forcing people to stay at home.
The share value fell by nearly 6%, to USD494.
The Reuters reiterates that ‘Netflix’ previously warned investors that its share value would go down in the second half of the year, along with the alleviation of the measures against the pandemic.