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lost in space netflix

Netflix grew less than expected in the last three months. Between April and the end of June, it added 5.2 million subscribers, which is the same number as during that period last year.

The streaming service had predicted it would add 6.2 million during the period.

The firm’s shares dropped 14 per cent on the news.

Netflix said it would weather the storm from competitors like Amazon Prime Video and Disney (which will launch its own streaming service next year, depriving Netflix of much of its Disney and Marvel content).

“We believe that consumer appetite for great content is broad and that there is room for multiple parties to have attractive offerings,” it said in a statement.

It added that it would keep improving.

In the US, results were even more disappointing. It added 670,000 subscribers, which is down on the 1 million it added during the same period last year.

But its finances remained strong. Its quarterly revenue was $3.9 billion, which is 40 per cent more than last year. And profits were $384.3 million, which is almost six times up on a year earlier.

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