Thursday June 4, 2020

Netflix shares sink 17% as price increase cuts subscriber growth

The streaming service added 1.68 million subscribers in the second quarter, missing forecasts

19th July, 2016
Netflix shares fell as much as 17%

Netflix blamed a recent price increase that affected some of its earliest subscribers, saying the change led to an increase in cancellations. While the company saw gains in sales and profit, investors focus on user growth, especially from fast-growing international markets, and were shocked by the shortfall.

“We apologise for the volatility,” chief executive Reed Hastings said on a call with analysts. “I know it’s not easy on everyone. The big picture is very much...

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