ALBAWABA - Netflix announced a $1.31 billion profit that exceeded expectations, while it ended its DVD rental service, called "Red Envelope," after 25 years due to a scarcity of investment opportunities.
Ted Sarandos, the company's CEO, stated that sharing passwords limited its ability to invest in new content.
Additionally, the company's revenue for the first quarter was $8.16 billion, slightly below the expected $8.18 billion. The stock fell initially after the announcement, but ended up 0.4 percent at the close of the session.
This is a positive sign for Netflix, which has been facing stiff competition in the streaming market from other companies like Disney+ and Amazon Prime Video.
Despite this, the company has been able to maintain its position as one of the leading streaming services, with over 208 million subscribers worldwide.
