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Netflix reports a summer slump in subscriber growth

The drop-off disclosed Tuesday in Netflix’s latest earnings report was more dramatic than management had warned it might be.

LOS GATOS, Calif. — Netflix’s subscriber growth slowed dramatically during the summer months after surging in the spring fueled by pandemic lockdowns that corralled millions of people in their homes. 

The summer slump came as more people sought refuge from the pandemic outdoors and major U.S. professional sports resumed play, offering entertainment alternatives to the world’s most popular video streaming service. 

The drop-off disclosed Tuesday in Netflix’s latest earnings report was more dramatic than management had warned it might be.