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Netflix's first quarter disappointment might be one of many
First quarter earnings out of Netflix (NFLX) published Tuesday night surprised investors.

Shares of the streaming giant sold off in response.

Netflix's business was hit in the first quarter by the twin pressures of an economic re-opening that enables people to do things other than watch Netflix while it also faces a shortfall in new content to drive sub growth as COVID hampered production schedules.
"The extraordinary events of Covid-19 led to unprecedented membership growth in 2020, as it pulled forward growth from 2021, and delayed production across every region," the company said in its shareholder letter.

"In turn, we ended 2020 with a bigger membership and revenue base than we would otherwise have had, contributing to record Q1’21 revenues... In Q1, paid net additions of 4m were below our 6m guidance (and the 16m net additions in the year ago quarter) primarily due to acquisition, as retention in Q1 was in line with our expectations. We don’t believe competitive intensity materially changed in the quarter or was a material factor in the variance as the over-forecast was across all of our regions."

Some of these are, to be sure, Netflix-specific challenges. And there are but a handful of companies that so specifically met the consumer challenge of boredom during the beginning of the pandemic and also faced such pointed challenges in bringing supply online during said pandemic.

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