Netflix posts disappointing subscriber growth, shares plunge

Posted By: Religare
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Shares of Netflix, the world's largest video streaming service, fell the most in two years on Wednesday after it reported slower subscriber growth owing to the price increase.

Netflix signed up 3.02 million customers globally in the third quarter, compared to the 3.69 million it had expected in July. The streaming service added 0.98 million U.S. customers in the period ended Sept. 30, fewer than a year ago and short of a July projection of 1.33 million.

The increasing competition from Time Warner Inc.'s HBO is also a cause of worry for Company's Chief Executive Officer Reed Hastings.

Meanwhile, shares of Netflix Inc closed at USD 361.70, down 19.37 per cent on Nasdaq.

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