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Photo: Thomas Trutschel/Photothek via Getty Images

Netflix added 3.98 million global subscribers last quarter, a far cry from the 6.2 million additions anticipated by Wall Street analysts. This upcoming quarter, it expects to only add 1 million new subscribers.

Why it matters: The streaming giant is facing increased competition, particularly in the U.S. and increasingly abroad, which could be impacting its subscriber growth. In a letter to investors, Netflix blamed the slowdown on a lighter content slate in the first half of this year, due to COVID-19 production delays.

  • The company noted its success in 2020, adding new subscribers during the pandemic, was bound to lead to a slowdown.

Yes, but: Netflix still reported positive earnings per share and revenue, compared to Wall Street estimates.

  • Revenue grew 24% year over year and operating profit and margin reached all-time highs.
  • Last quarter Netflix anticipated it would break-even for the full year for the first time in 2021.

By the numbers, per CNBC:

  • Earnings per share (EPS): $3.75, vs $2.97 expected, according to Refinitiv survey of analysts
  • Revenue: $7.16 billion, vs $7.13 billion expected, according to Refinitiv
  • Global paid net subscriber additions: 3.98 million vs 6.2 million expected, according to Factset

What to watch: Netflix expects to add 1 million new subscribers next quarter.

  • The streaming giant says it hopes the momentum will pick back up in the second half of the year. The company remains bullish in its long-term outlook, given the migration of TV content over to streaming platforms from traditional TV.

Go deeper ... Netflix's earnings over the past year:

Go deeper

Apr 20, 2021 - Economy & Business

Streaming competitors close in on Netflix in U.S.

Expand chart
Data: Kantar; Chart: Axios Visuals

Analysts are bullish ahead of Netflix's Q1 earnings Tuesday, but there's no question that the streaming giant will need to rely heavily on subscriber gains abroad in order to maintain its lead in the streaming wars.

Driving the news: The percentage of new streaming subscribers in the U.S. signing up for Netflix has declined since the onset of the pandemic, thanks to increased competition from new streamers, according to data from Kantar.

Dion Rabouin, author of Markets
Apr 19, 2021 - Economy & Business

2021's expected earnings blowout begins

JPMorgan CEO Jamie Dimon. Photo: Mark Kauzlarich/Bloomberg via Getty Images

First-quarter earnings so far have been very strong, outpacing even the rosy expectations from Wall Street and that's a trend that's expected to continue for all of 2021. S&P 500 companies are on pace for one of the best quarters of positive earnings surprises on record, according to FactSet.

Why it matters: The results show that not only has the earnings recession ended for U.S. companies, but firms are performing better than expected and the economy may be justifying all the hype.

Apr 20, 2021 - Economy & Business

Bloomberg Media hits 300,000 subscribers

Bloomberg Media CEO Justin Smith. Photo: Aniruddha Chowdhury/Mint via Getty Images

One to watch at this year's Upfront and Newfront advertising presentations (held virtually again in 2021): Bloomberg Media.

What to watch: Bloomberg will host its first-ever Upfront presentation exclusively for its streaming network "Quicktake." Most media companies are leaning into their streaming products as a part of their presentations this year.