Netflix Stock Tumble, Taps Ted Sarandos as Co-CEO

Netflix is trying to win new customers and outrun the competition as viewers embrace online viewing.

The pandemic sparked new interest in the service as people around the world were told to stay home, movie theaters went dark and sports leagues canceled live games.

The second-quarter gains were expected, Fitch Ratings director Patrice Cucinello said, but she questioned if the benefits would last.

"Do they have to give back some of these subscribers once people aren’t locked in their homes?" she asked.

New releases during the quarter included "Space Force," "Too Hot to Handle," a Jerry Seinfeld comedy special and new seasons of "Money Heist" and "Dead to Me."

Netflix's membership rolls rose even as it faced more streaming competition than ever.

Walt Disney Co's Disney+ came online in November, and AT&T Inc debuted HBO Max in May, among other newcomers.

The new programming schedule for Netflix remained "largely intact" for 2020, the company said, despite a widespread halt to production of new film and TV shows amid the COVID-19 outbreak.

In 2021, the disruption likely will lead to more of Netflix's major titles being released in the second half of the year, the company said.

The total number of original film and TV shows in 2021 should exceed 2020, it added. 

(Writer: Lisa Richwine, Neha Malara | Editor: Arun Koyyur, Lisa Shumaker) 

Source: https://www.reuters.com/article/us-netflix-results/netflix-names-ted-sarandos-co-ceo-forecasts-weaker-growth-idUSKCN24H35E