Netflix (NASDAQ:NFLX) added 8.8 million subscribers in the fourth quarter, more than it was expecting about three months ago. But its net additions in the United States, 420,000, came in below its outlook. In the company’s fourth-quarter letter to shareholders, management was candid. New competitors like Disney‘s (NYSE:DIS) Disney+ and Apple‘s Apple TV+ are having an impact. “Our low membership growth in [the U.S. and Canada] is probably due to our recent price changes and to U.S. competitive launches.” The company also noted “slightly elevated churn levels” in the U.S., and expects that to continue into the first quarter — the first full quarters for Disney+ and Apple TV+. What’s more, the European rollout of Disney+ in late March could have an impact on Netflix in the second quarter. And with AT&T‘s HBO Max launching in May and Comcast‘s Peacock rolling out in April before launching broadly in July, competition could have an impact on Netflix’s results in each of the next three quarters.