Netflix Stock Nosedives 24% After Streamer Reports Loss of 200,000 Subscribers in Q1

It’s the company’s first dip in subscribers in a decade

Netflix shocked Wall Street on Tuesday by posting its first loss of subscribers in a decade, according to its first-quarter earning report. After the loss was reported, the stock plunged in after-hours trading about 24% at time of writing.

The streaming giant said profit rose to $3.53 per share on revenue of $7.78. Analysts expected a bottom line of $2.89 per share on revenue of $7.93 billion for the three months ending in March.

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Joe Bel Bruno

Joe Bel Bruno is TheWrap's Editor at Large, Business. He most recently served as the Founding Editor of the business news site dot.LA. He was previously the Managing Editor of Variety, and served as Deputy Business Editor and later Deputy Entertainment Editor at the Los Angeles Times. Bel Bruno also ran markets coverage for The Wall Street Journal. Before that, he was an award-winning reporter at the Associated Press in New York, and held senior posts in London and New York for Knight Ridder Financial.