Jul 17, 2019

Netflix shares sink 10% as subscriber take-up slows

Netflix added fewer paid subscribers than expected in the last three months, with the streaming service blaming price rises. Shares in the company sank 10% after Netflix added 2.7 million new customers worldwide in the April-June period, well below expectations. Netflix will be losing some of its hit shows such as Friends to rival platforms being launched in the coming months, but argued that it will make up for that with original content. "Much of our domestic, and eventually global, Disney catalogue, as well as Friends, The Office, and some other licensed content will wind down over the coming years, freeing up budget for more original content," the company said in its statement. Total revenue rose to $4.92bn from $3.91bn. Nicholas Hyett, equity analyst at Hargreaves Lansdown, said Netflix could face tougher challenges as competition from rival streaming services intensifies.

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