Shares of Netflix dropped 15 percent in after-hours trading after the streaming company reported that it missed the mark in subscriber growth for the second quarter.
Netflix added 1.7 million subscribers in the quarter, off its forecast of 2.5 million new customers by 800,000. The company was also below the 3.3 million members that it added in the same period last year.
Netflix has 83 million total subscribers, according to its earnings call Monday, July 18.
“We are growing, but not as fast as we would like or have been,” read a letter sent to shareholders. “Disrupting a big market can be bumpy.
The company is blaming its recent press coverage on price increases to its service as the reason for higher-than-expected churn.
Despite not hitting the subscriber growth mark, Netflix’s earning was $41 million for the quarter, compared to $26 million a year ago. Earnings per share were 9-cents, up from 6-cents a year ago. Revenue was $2.1 billion, which was considered in-line with what analysts were projecting.
Shares of Netflix closed Monday at $98.81.
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