Netflix’s stock plunged more than 10% in after-hours trading on Monday after the company reported that it lost U.S. subscribers for the first time in 8 years.
Netflix (NFLX) lost about 130,000 U.S. subscribers between April and June, according to its second-quarter earnings report. That’s a far cry from the 300,000 new customers it had predicted.
But Netflix picked up 2.8 million paying subscribers overseas, ahead of its estimates of 2 million new international customers for the quarter.
The firm also said that revenue came in at $4.92 billion, slightly higher than expected, while earnings per share at 60 cents were roughly in line with analysts’ estimates.
