Netflix Inc. got off to a slow start to the year, missing Wall Street estimates after adding only 1.75 million customers in the first quarter and stoking concerns about the future of the world’s most popular TV network. Investors were expecting 2.41…
Netflix also predicted on Tuesday that it will generate lower sales and profit in the current quarter than what analysts forecast. The company delayed its plan to crack down on password sharing in the U.S. It sees new customers in the current period as “roughly similar” to the first quarter.
Netflix said Tuesday it is shutting down its DVD delivery operation, ending its original business after a 25-year run. The company cited the cost of operating it after years of seeking customers move online. “Widespread account sharing undermines our ability to invest in and improve Netflix for our paying members, as well as build our business,” the company said in a statement to investors. “We’re pleased with the results of our Q1 launches in Canada, New Zealand, Spain and Portugal, strengthening our confidence that we have the right approach.”
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