RTTNews | Jan 21, 2022 09:45AM EST

09:45 Friday, January 21, 2022 (RTTNews.com) - Shares of Netflix, Inc. (NFLX) tanked over 20% on Friday morning hurt largely by the video streaming giant's subscriber growth.

NFLX is currently trading at $397.53, down $110.72 or 21.78%, on the Nasdaq, on a volume of 9.3 million shares, far above average volume of 3.4 million shares. The stock has traded between $396.87 and $700.99 in the past 52 week period.

Netflix said it added 8.28 million subscribers globally in the quarter, below its own forecast of 8.50 million, to end the quarter with 221.84 million subscribers. Looking ahead, the company expects to add 2.50 million subscribers in the first quarter of 2022. The company blamed increased competition from other streaming companies for the slowdown of subscriber additions.

Los Gatos, California-based Netflix's fourth-quarter profit rose to $607 million or $1.33 per share from $542 million or $1.19 per share last year. Netflix's revenues rose 16% to $7.71 billion from $6.64 billion last year. Analysts polled by Thomson Reuters expected earnings of $0.82 per share on revenues of $7.71 billion for the quarter.

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