Netflix Inc. released a string of hits in the fourth quarter, with “Red Notice” and “Don’t Look Up” being its three most-viewed movies of all time. But the quarterly results underscore why the show’s success no longer automatically translates into the level of subscriber growth that the streaming giant once had.

Netflix added 8.3 million net new subscribers globally, below the company’s forecast of 8.5 million. But even more disappointing is that Netflix expects to add a paltry 2.5 million subscribers this quarter. Analysts had expected the company to sign up more than 6 million new users in the current period, according to data compiled by Bloomberg. Netflix shares fell 20% in after-hours trading.

The company has attributed the weak outlook to “coronavirus” and economic difficulties in places like Latin America that have rattled the streaming world. Shares of streaming companies including The Walt Disney Co. and Roku Inc. fell in after-hours trading as investors expected a slowdown in subscriber growth to be widespread.

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