In its results for the last three months of 2019, Netflix reported revenues of $5.47bn (£4.19bn), slightly above the $5.45bn predicted by analysts.
But it also said that it expects slower growth in the number of subscribers it’s adding in 2020.
Shanti Kelemen, investment director at Brown Shipley, pointed out that most of that slowdown is expected in the US, its largest market - and where there is the most competition.
She said: “Disney+ won’t be available in the UK until the end of March, but in the US it’s already a competitor. Netflix has a big head start in that they have a platform with a lot of great content, but it’s going up against players with big pockets, including Disney, Apple and HBO.
“Another problem it faces is spending on content. With all of these different people chasing good shows, the prices get inflated. We also saw Amazon moving to sports, are Netflix going to get dragged into doing that, which is even more expensive?”
Stranger Things is one of Netflix's most popular shows