New York, NY, United States (4E) - Netflix shares fell nearly 12 percent in after-hours trading soon after the company announced its quarterly results, which showed that the company shed about 130,000 US customers from April to June.
On Wednesday, the company said that it missed targets for new subscribers around the world and lost US streaming customers for the first time in almost ten years. This announcement jarred investors ahead of the looming competition.
Netflix pointed out that the main issue was that its slate of new series and movies during the quarter failed to meet the expected results as not so many people showed interests in these shows.
In addition, the world's dominant subscription video service said that another problem was that price increases in several markets dented growth.
According to IBES data from Refinitiv, the company added 2.83 million paid streaming subscribers outside the United States, a number that doesn't get near the 4.8 million that many analysts expected.
In a letter to shareholders, Netflix said "Our missed forecast was across all regions, but slightly more so in regions with price increases. We think Q2's content slate drove less growth in paid adds than we anticipated."
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