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Netflix's US subscriber growth slowing as competition looms

This Tuesday, Oct. 8, 2019, photo shows the Netflix app on an iPhone in New York. Netflix reports financial results Wednesday, Oct. 16. (AP Photo/Jenny Kane)

SAN FRANCISCO — Netflix’s subscriber growth is bogging down even before the leading video streaming service confronts high-powered threats from Apple and Walt Disney Co.

The latest sign of the challenges facing Netflix emerged Wednesday with the release of its third-quarter results. The numbers provided further evidence that Netflix’s salad days may be over, particularly in the U.S., where most households that want its 12-year-old streaming service already have it.

Netflix added 6.8 million subscribers worldwide from July through September, below the 7 million customers forecast by the Los Gatos, California, company. Just 520,000 of those subscribers were picked up in the U.S., below the 800,000 that management anticipated. The shortfall came after Netflix lost 123,000 subscribers in the U.S. during the April-June period, marking its first contraction in eight years.

The Associated Press