Netflix

Shares of Netflix tanked by 11% in after-market trading on Wednesday afternoon as the streaming platform reported subscriber growth fell well below expectations.

Netflix said it gained 2.7 million subscribers in the second quarter, while analysts estimated it would add around 5 million.

The company also lost 130,000 paying customers in the US, badly missing already-conservative estimates of 309,240 domestic additions.

Subscriber growth in international markets has become an increasingly important metric for the company.

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Netflixsank by 11% after reporting it grew subscribers by 2.7 million during the second quarter, falling well below analysts expectations of 5 million.

The streaming giant added 5.5 million subscribers during the same period last year, and expects to sign up 7 million subscribers in the third quarter of 2019. The company also lost 130,000 paying customers in the US, badly missing already-conservative estimates of 309,240 domestic additions.

"Our missed forecast was across all regions, but slightly more so in regions with price increases," the company said in a letter to shareholders. "We think Q2 's content slate drove less growth in paid net adds than we anticipated."

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Netflix's content offerings in the second quarter included the third season of "Stranger Things," which garnered over 40 million views the company said.

The company reported earnings per share of $0.60 beating expectations of $0.56. Revenue also grew to $4.92 billion, falling just short of the $4.93 billion target from Wall Street.

Netflix was up more than 35% year-to-date through Wednesday's close.

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