Shares of Netflix Inc. were on track for their worst day in more than a decade after the streaming giant announced it had lost subscribers in the first quarter.
Shares fell nearly a third of their value after markets opened on Wednesday. Investors expected the company to add new users in the first quarter. Instead, Netflix said it ended the first three months of the year with 200,000 fewer subscribers than it had in the fourth quarter, and said it expects to lose two million subscribers worldwide in the current quarter.
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