Netflix shares plunged Tuesday after the leading streaming service reported cooling growth in paid subscriptions that had caught fire during the pandemic. The Silicon Valley-based company said it expected subscriber growth to accelerate anew later this year as it releases sequels to hit shows. But the sharp deceleration suggested slower growth ahead from Netflix, sending shares down some 11 percent in after-hours trade. Hastings said that competition in the streaming television market has been consistently fierce, with Amazon Prime and Hulu as rivals for more than a decade. The streaming television service expected to spend more than $17 billion on a wide range of content, much of it original.

Source: Mint April 20, 2021 23:48 UTC