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Friday,21 January 2022 at 17:04

Netflix suffered a horror show as its shares lost a fifth of their value after the latest subscriber numbers disappointed Wall Street.

The streaming service added 8.3 million customers in the last three months of 2021, short of the 8.5 million that the company had targeted, despite a heavy line-up of new releases such as Don't Look Up and Red Notice.

Netflix enjoyed strong growth during lockdowns as more people stayed at home in front of the television watching hits such as The Crown and Bridgerton, picking up 37 million customers in 2020.

Last year only 18 million were added. The slowest annual pace of growth for five years. It took the total number to just under 222 million.

UK and European markets closed sharply lower, tracking a global pullback for risk assets.

U.S. stocks were on track to end a volatile week lower, with investors rotating further away from growth and technology stocks that had outperformed early on during the pandemic.

Oil prices fell, pressured by an unexpected rise in U.S. crude and fuel inventories while investors took profits after global oil benchmarks touched seven-year highs this week.

Gold rose as inflation and geopolitical risks underpinned its safe-haven appeal. 

Markets
At the close
FTSE 100 7,494 (-1.20%)
FTSE 250 22,263 (-1.99%)
DAX 15,603 (-1.94%)
At 16:50
Dow Jones 34,712 (-0.01%)
S&P 500 4,467 (-0.33%)
NASDAQ 14,050 (-0.75%)
Fixed Income
UK 10-YR YIELD 1.174
Exchange Rates
GBP/USD 1.355
GBP/EUR 1.194
Commodities
Gold $1,833 (-0.26%)
Brent $87.56 +0.16%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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