Streaming giant’s shares drop more than 10% after it missed Q2 subscriber growth projections by more than 2 million customers
Netflix’s ugly Wednesday bled into Thursday morning, with the streaming giant’s stock dropping more than 10% during its first hour of trading, less than a day after reporting it had fallen well short of hitting its second-quarter subscriber projections.
Netflix was trading at $324.43 per share in early-morning trading, marking a 10.5% decline from where it closed on Wednesday. The drop came after Netflix reported that it added only 2.7 million new customers during Q2 — more than 2 million less than Wall Street analysts and the company’s own projections had anticipated — and even saw a decline in U.S. subscriptions, with 126,000 domestic subscribers leaving the service. It was the first time in nearly a decade Netflix had lost customers in the States.