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Netflix’s decision to end its quarterly reporting of subscriber numbers tells me Netflix knows it has peaked.
That’s a great number that embarrasses second-place Disney+. The Disney Grooming Syndicate has 149.6 million worldwide subscribers. But a peak is a peak, and corporations are all about growth. “As we’ve noted in previous letters, we’re focused on revenue and operating margin as our primary financial metrics — and engagement as our best proxy for customer satisfaction,” the Netflix earnings report. “In our early days, when we had little revenue or profit, membership growth was a strong indicator of our future potential. But now we’re generating very substantial profit and free cash flow.”Netflix hasn’t made many mistakes in its revolutionary approach to entertainment.
The stock dropped as much as 8%, to $562, as trading got underway in New York. It marks the biggest decline since last July. The shares were up 25% this year through the close of regular trading Thursday.
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