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.