Netflix plunges as subscriber growth disappoints
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Netflix shares plunged in after-hours trading after the streaming giant’s subscriber growth fell far short of Wall Street’s expectations.
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The California-based company added 670,000 net subscribers in the U.S., far below the 1.19 million net additions expected by analysts polled by Thomson Reuters. International subscriber growth also fell far short, as Netflix added 4.47 million against an expected 4.97 million.
Netflix’s stock fell nearly 14% after its earnings report.
The company reported quarterly revenue of $3.91 billion and earnings per share of 85 cents. Analysts had projected revenue of $3.94 billion.
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