Netflix shares drop 15 per cent as US subscribers tune out
Video-streaming provider’s move to chip-enabled cards leads to ‘involuntary churn’
Video-streaming service provider Netflix reported third-quarter US subscriber additions below its own forecast, blaming a transition to chip-based cards for the miss.
Shares of Netflix, known for its original shows such as House of Cards and Orange is the New Black, plunged about 15 percent after the bell, before clawing back to trade down 2.4 percent , Reuters have reported this morning.
US credit and debit card companies had been shifting to chip-enabled cards and for Netflix, the...
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