Shares in Netflix, tumbled a whopping 20-percent in late trading on Thursday on the back of disappointing subscriber additions toward the end of last year.
On Thursday, Netflix reported that it added 8.28 million new subscribers in the last quarter of 2021, falling short of the company's own goal of 8.5 million.
Company management see disappointing subscriber growth as a trend expected to continue into the new year as Netflix also projected 2.5 million new subscribers in the first three months of this year, well below analyst expectations.
With escalating competition in the industry, a significant drop in share price for Netflix suggests that any pandemic-fueled gains may be wiped away.
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