Netflix details video game push as it forecasts weak growth

Los Angeles | Bengaluru: Netflix Inc. said it would make a deeper dive into video games as the movie and TV streaming service projected weak subscriber growth amid growing competition and the lifting of pandemic restrictions that had kept people at home.

The company’s shares hovered about even at $531.10 in after-hours trading on Tuesday. Earnings for April through June came in at $2.97 per share, below the average forecast of $3.16, according to analysts surveyed by Refinitiv.

Netflix is weathering a sharp slowdown in new customers after a boom in 2020 fueled by stay-at-home orders to curb the Covid-19 pandemic. In the United States and Canada, Netflix reported a decline of about 430,000 subscribers in the second quarter.