Netflix reports a slump in new subscribers

The company reported 2.2 million net new subscribers in its third quarter following two consecutive quarters topping the 10 million mark amid lockdowns due to the COVID-19 pandemic.

“As we expected, growth has slowed with 2.2m paid net adds in Q3 vs. 6.8m in Q3’19. We think this is primarily due to our record first half results and the pull-forward effect we described in our April and July letters. In the first nine months of 2020, we added 28.1m paid memberships, which exceeds the 27.8m that we added for all of 2019. In these challenging times, we’re dedicated to serving our members,” the company said. (ILKHA)