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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