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Netflix Falls After Pandemic Boom Reverses to Rare Weakness

  • Subscriber additions fall far short of Wall Street estimates
  • A lack of new shows may be contributing to the slump
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WATCH: Netflix tumbles after its results showed the easing of the pandemic lockdowns is taking a far more severe toll on growth than expected. Ed Ludlow reports.(Source: Bloomberg)
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Netflix Inc. credited the pandemic with delivering record growth in 2020. Now it’s blaming the pandemic for the worst first quarter in eight years.

The streaming service added far fewer new customers than Wall Street expected in the first three months of 2021, even missing its own forecast by millions of subscribers. And the current quarter will be more challenging, Netflix said Tuesday, predicting a gain of just 1 million new customers -- or a fraction of the 4.44 million projected by analysts.