Netflix has no chill
For the second time this year Netflix shares are in freefall. The company's share price is currently down more than 30% this morning after reporting not-just-a-slowdown-in-growth but an actual drop in subscriber numbers, with more expected to come.
The streaming giant lost 200k subscribers in its latest quarter, and in its shareholder letter outlined that it expected to lose another 2 million in the next, as competition intensifies and its biggest markets become saturated.
This is a big deal because, despite being painfully aware of increased competition, Netflix had still expected to gain 2.5 million subscribers this quarter.
