Netflix’s share price falls by more than 35%, on the way to the biggest drop in more than a decade

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.

The shares lost more than a third of their value after the opening of markets on Wednesday. Investors expected the company to add new users during the 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.