Yesterday, the online streaming service Netflix reported a massive miss in subscriber growth for the first quarter. The company, and Wall Street, paraded all kinds of excuses for the miss — the pandemic, production delays, yada, yada.
However, Wall Street and its darling Netflix would not mention on the earnings conference call the most likely reason for the miss — Netflix is peddling material the Deplorables absolutely despise, and are Hell bent on punishing after the illegitimate inauguration of Joe Biden on Jan 20th (the beginning of the first quarter).
Shares of the streaming giant fell nearly 7.5% on Wednesday following the company’s first-quarter earnings report. Though Netflix beat earnings and revenue estimates, a large drop in subscribers put a crimp on the stock, reported CNBC.
- Global paid net subscriber additions: 3.98 million vs 6.2 million expected, according to Factset
Netflix said the slowdown in subscriber numbers could be blamed on the ongoing coronavirus pandemic, which forced the company to delay some of its big-name shows and films.
“We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays,” Netflix said in its letter to shareholders.
We find the excuses being given very similar to those spouted by the NFL, NBA, who refused to admit anti-American behavior contributed to their viewership collapse over the recent time frame.
Wall Street says ‘everything’s fine’ for Netflix.
We don’t think everything’s fine. The Deplorables have had enough. But you can’t say this on Wall Street.