Netflix stock is bleeding after dismal results
In the second quarter, Netflix lost subscribers in the US (dropping a net 130,000) and added nearly two million fewer international customers than expected.
The company lost U.S. streaming customers for the first time in eight years, stocks plunged more than 10%
Stocks impacted: Netflix Inc (NFLX)
Paid subscribers grew by 2.7 million, including 2.83 million internationally, almost half that of Netflix's previous guidance of 5.0 million net adds. The company explained that such dismal numbers were the result of a weaker content slate, which in turn drove fewer paid net adds than anticipated. The subscription miss was Netflix’s largest since the second quarter of 2016. It lost 126,000 domestic paid subscribers versus an expected gain of about 310,000. Price hikes hurt subscriber additions as well. Netflix shares (up 35% this year) fell more than 12 per cent in after-hours trading on Wall Street.
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