Netflix stock plunges as subscriber growth worries deepen
SAN RAMON, Calif. - Netflix delivered its latest quarter of disappointing subscriber growth during the final three months of last year, a trend that management foresees continuing into the new year as tougher competition is undercutting the video streaming leader.
The company added 8.3 million worldwide subscribers during the October-December period, about 200,000 fewer than management had forecast. Netflix predicted subscriber growth well below analyst estimates for the first three months of this year, too.
The disappointing news announced Thursday caused Netflix's stock price to plunge by 20%, deepening a steep decline during the past two months.
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