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Netflix is set to lose $17 billion off its market cap after suffering a rare decline in US subscribers (NFLX)

July 18, 2019

Netflix stock plunged 11% in pre-market trading on Thursday after the tech giant reported its first decline in US subscribers since 2011.

The company’s US paid-subscriber base shrunk by 130,000 in the second quarter, badly missing Wall Street’s expectations of 309,240 additions. Its worldwide subscriber count increased by 2.7 million, falling short of its 5 million estimate. Netflix added 5.5 million subscribers during the same period last year, and expects to sign up 7 million subscribers in the third quarter of 2019.

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