Netflix, the streaming giant behind hits like The Crown and Stranger Things, missed its own forecasts by more than a million subscribers, sending its shares down sharply.
The company second-quarter results, announced on Monday, spooked investors and suggested the company’s explosive subscriber growth may now be slowing. Netflix shares fell 14% to $346.05 in after-hours trading in New York.
For the second quarter, Netflix reported a profit of $384.3m, or 85 cents a share, up from $65.6m, or 15 cents a share, a year earlier.
The company blamed the surprise subscriber target miss on faulty internal forecasting.
By Edward Helmore.
Full story at Yahoo News.
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