Netflix misses expectations for quarterly paid subscriber additions

FILE PHOTO: A smartphone with the Netflix logo is seen on a keyboard in front of displayed "Streaming service" words in this illustration

(Reuters) - Netflix Inc added fewer paid subscribers than expected in the first quarter, weighed down by theaters reopening as well as intense competition from streaming rivals like Disney+ and HBO Max.

The company said on Tuesday it added 3.98 million paid subscribers in the quarter ended Mar. 31. Analysts had expected it to add 6.25 million, according to IBES data from Refinitiv.

(Reporting by Chavi Mehta in Bengaluru; Editing by Arun Koyyur)