Netflix welcomed 8.3 million new subscribers during the fourth quarter of 2021, falling just shy of the 8.5 million the streaming giant had expected to bring in despite rolling out its two biggest releases ever, "Red Notice" and "Don't Look Up," during the time period.
The largest streaming service in the world still boasted 221.8 million subscribers globally at the end of 2021, but forecasted bringing in only another 2.5 million more in the current quarter. That's down from 4 million the same period a year ago.
The company's stock was down more than 20% in remarket trading.
"Even in a world of uncertainty and increasing competition, we’re optimistic about our long-term growth prospects as streaming supplants linear entertainment around the world," Netflix said in a letter to shareholders release with its earnings. "We're continually improving Netflix so that we can please our members, grow our share of leisure time and lead in this transition."
Last week Netflix raised its prices for subscriptions in the U.S. and Canada, which together make up the company's largest customer base at 73 million. But last month, the company cut its prices in India, looking to remain competitive in the growing market according to The Wall Street Journal.
Netflix saw revenue growth of 16% to $7.71 billion in Q4, meeting Wall Street's expectations of $7.71 billion.