Netflix forecast disappoints ahead of Disney+ launch
Netflix gave a weak forecast that unnerved investors just as Walt Disney and others prepare to escalate Hollywood’s streaming video wars, although the company’s quarterly results beat Wall Street targets.
Shares of Netflix traded down about 1 percent at $355.02 in after-the-bell trading.
Netflix predicted it would pick up 5 million new streaming subscribers from April through June. That was below the 5.48 million consensus of industry analysts surveyed by FactSet.
“What’s making investors nervous is that there are signs of a slowdown in the second-quarter subscriber growth,” said Haris Anwar, senior analyst at Investing.com. “This is made all the more prominent by the looming threat of competition from Disney and Apple.”
Netflix added a record number of paid streaming customers...