The value of Netflix shares dropped 10% on Thursday, one day after the streaming service reported its first drop in global growth.
Shares of the company closed at $325.21, one day after Netflix reported its second quarter earnings, revealing the company grew subscriptions by only about half of what it had forecast.
"Our missed forecast was across all regions, but slightly more so in regions with price increases," the company said in a letter to investors."We don’t believe competition was a factor since there wasn’t a material change in the competitive landscape during Q2." Media research firm MoffettNathanson kept a neutral rating on the company, noting that the company showed its first sequential decline in U.S. subscribers since 2011.
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