Proving that streaming is becoming an increasingly volatile industry, Netflix lost $17 billion USD in value on Thursday (July 18) due to sluggish new-subscriber numbers.
Earlier this week, the streaming hub announced it had added only 2.7 million subscribers internationally in the most recent quarter — a huge dip from the 5 million forecasted.
This led Netflix's stock to plunge 10.3 percent on Thursday as analysts came to grips with the news, which included the fact that Netflix saw its first-ever loss in U.S. subscribers since initially launching in 2011.
Despite the bad news, Netflix appears optimistic about its upcoming quarter. After all, the company forecast 7 million paid net adds and a revenue of $5.25 billion.
This positive outlook comes as a result of several hit series returning to Netflix, including the new seasons of Stranger Things, Orange Is the New Black and The Crown.
Earlier this week, the streaming hub announced it had added only 2.7 million subscribers internationally in the most recent quarter — a huge dip from the 5 million forecasted.
This led Netflix's stock to plunge 10.3 percent on Thursday as analysts came to grips with the news, which included the fact that Netflix saw its first-ever loss in U.S. subscribers since initially launching in 2011.
Despite the bad news, Netflix appears optimistic about its upcoming quarter. After all, the company forecast 7 million paid net adds and a revenue of $5.25 billion.
This positive outlook comes as a result of several hit series returning to Netflix, including the new seasons of Stranger Things, Orange Is the New Black and The Crown.
