Netflix shares slide on disappointing Q2 subscriber growth

The Netflix sign on is shown on an ipad in Encinitas The Netflix sign on is shown on an iPad. (Reuters)

Netflix shares plunged more than 10 percent in after-hours trade Wednesday after its quarterly update showed weaker-than-expected subscriber growth for the streaming television sector leader.

Netflix said it added 2.7 million new subscribers worldwide in the April-June period, well below expectations, as the sector prepared for offerings from rival groups including Walt Disney, Apple, and others.

Shares in Netflix skidded 11 percent in after-market trade after the results, which showed revenues and profits largely in line with analyst forecasts.

Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55