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Netflix shares slide on disappointing Q2 subscriber growth

Published: Updated:

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.

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