Netflix misses its predicted new subscribers by a million
Netflix plummeted in late trading after posting disappointing subscriber growth in the latest quarter, threatening the run of one of Wall Street’s hottest stocks.
Netflix added 5.2 million users in the second quarter, about a million fewer than the company predicted. Its outlook for the current quarter also reflected a deceleration: The world’s largest paid online TV network expects to add 5 million customers, a slower pace than a year earlier.
The stock fell as much as 15 percent to $342 in extended trading. It had more than doubled this year through Monday’s close.