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A slowdown in subscriber growth has caused a significant drop in Netflix’s share price. The stock fell by 7.4% after the company reported slower subscriber growth, which was impacted by pandemic-related disruptions in movie and TV show production. Netflix’s global subscriber base decreased to 207.6 million, falling short of the expected 209.8 million.
Despite the disappointing subscriber numbers, Netflix reported better-than-expected earnings of $3.75 per share, surpassing the consensus of $2.97, and revenue of $7.2 billion, slightly above the expected $7.1 billion. However, these positive financial results did little to alleviate investor concerns about the company’s growing challenges in expanding its global market amid increasing competition.
Traders should watch for a potential bounce at the 499.76 support level, a key psychological threshold. If the stock rebounds, it could recover towards 518.42, with further upside targets at 529.14 and 539.86.
On the downside, if Netflix’s share price falls below the 499.76 support, it could lead to a significant decline, targeting the 480.00 level, which was last seen on November 30. Additional downside targets include 475.50 and 470.00.