The daily business briefing: April 21, 2021

Netflix shares drop as pandemic streaming surge fades, Johnson & Johnson says it will resume Europe vaccine rollout, and more

The Johnson & Johnson vaccine
(Image credit: Jon Cherry/Getty Images)

1. Netflix shares drop after subscriber growth falls short

Netflix said Tuesday that its first-quarter subscriber growth fell short of expectations as many countries eased coronavirus lockdowns that kept people at home and increased their appetites for streaming video. Netflix said it added four million subscribers from January through March. The company had forecast a net gain of six million. Netflix shares plunged by more than 8 percent in after-hours trading, after gaining nearly 26 percent over the last year. In the same quarter a year ago, Netflix picked up 15.8 million subscribers as the pandemic started spreading around the world. Netflix said the growth slowdown stemmed from both "the big COVID-19 pull forward in 2020" and coronavirus-related production delays that resulted in slimmer content offerings in the first half of 2021.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.