Netflix Stock Price Drops 32%, on Track for Biggest Fall in Over a Decade

Netflix Inc. shares were on course for their worst day in over a decade after the streaming giant reported that it lost subscribers in the first quarter.

Shares shed nearly a third of their value after markets opened Wednesday. Investors had expected that the company would add new users in 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 expected to lose two million global subscribers in the current quarter.

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