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

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

Netflix Earnings
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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.

The stock plunged about 24% in after-hours trading as investors were alarmed by the unexpected loss of customers, and a projection by Netflix that much more is in store for the current quarter.