Share prices on Netflix stock headed south in after-hours trading Monday, with the big move coming after the company unveiled disappointing subscriber growth and an unhappy third-quarter outlook.
TheStreet reported around 4:30 p.m. ET that shares were off 15.16% at $83.83. “After today’s closing bell, the Los Gatos, CA-based company said it added 1.7 million members during the 2016 second quarter, below its own expectations of 2.5 million,” the publication reported at the time.
Netflix reportedly added 160,000 U.S. subscribers and 1.52 million abroad.
In a letter to shareholders, Netflix CEO Reed Hastings said: “We are growing, but not as fast as we would like or have been. Disrupting a big market can be bumpy, but the opportunity ahead is as big as ever and we continue to improve every aspect of our business.”
The company anticipates earnings of 5 cents per share in the third quarter, below the 8 cents a share that had been expected by traders.