Netflix subscriber forecast misses estimate as streaming war heats up



Netflix Inc missed Wall Street subscriber forecasts for the first quarter Tuesday, amid pressure from lower-cost services from Walt Disney Co and Apple Inc in the streaming video wars.
The streaming giant added more paying subscribers than Wall Street expected in the fourth quarter, beating international subscriber estimates but missing estimates for U.S. subscriber growth.
Netflix shares were up 1.5 per cent in volatile after-hours trading on Tuesday.
The company acknowledged that competitive pressure and a recent price hike impacted its US business, where subscriber growth fell short of analyst estimates.
Competition had a more muted impact on its viewership in Canada, Australia and the Netherlands, the company wrote in a letter to investors.
The Disney+ and Apple TV+ streaming services both launched in the United States in November. Disney+, which is also live in Canada, Australia and New Zealand, will launch in the UK, France, Germany, Italy, Ireland, Spain, Austria and Switzerland on March 24. Apple TV+ is available in over 100 countries and regions. Read More

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