Netflix shares fall 10% as streaming giant misses growth targets
- Netflix added barely half the expected 5 million new subscribers
- Quarterly figures blamed on content slate not competition
Netflix’s missed its growth targets by a huge margin in the last three months, the company announced on Wednesday, triggering a 10% drop in its share price.
Announcing its latest quarterly figures Netflix said it had added 2.7 million new subscribers worldwide, well below its guidance of 5 million new subscribers and down from 6 million for the same period last year. The company lost 130,000 subscribers in the US from last quarter.