Business & Tech

Netflix Stock Tumbles In Big Drop Upon Fewer Subscribers: Report

Along with Wall Street, the Los Gatos-based video-streaming company picked up about half the subscribers expected for the 2nd quarter.

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The 2nd quarter brought in 2.7 million more subscribers for Netflix, which expected about double the number.
The 2nd quarter brought in 2.7 million more subscribers for Netflix, which expected about double the number. (Courtesy of Tim Lee)

LOS GATOS, CA — Netflix Inc. shares plummeted over 10 percent in the extended session Wednesday after the Los Gatos-based video streaming company missed its earnings projections by a substantial amount for new paid subscriptions, Market Watch reported Thursday.

Netflix, under the symbol NFLX, was -10.25 percent down, while reporting the addition of 2.7 million paid subscribers globally in the second quarter, according to the online stock trading source Market Watch.

The tally came in far short of what Wall Street and the company itself expected. Analysts were looking for global paid streaming subscriber additions of about twice the actual number at 5.3 million.

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