Netflix shares plunge 15% as subscribers give streaming service the cold shoulder
by Jana Kasperkevic in New York from Technology | The Guardian on (#1MS2B)
Company missed second-quarter expectations, announcing that it added only 1.7 million members worldwide and blamed price increase for drop in membership
Viewers gave Netflix the chill last quarter, as the company blamed a price increase for a dramatic drop off in its growth rate.
Netflix shares plunged 15% in the after-hours trading on Monday when the company announced that it added just 1.7 million members worldwide in the second quarter. As of last month, the streaming service has more than 83 million members.