Shares of Netflix (NFLX) are imploding after the company reported its first quarterly loss of subscribers in more than a decade, far underperforming expectations and worrying investors that had been betting that a handful of big tech companies would continue to grow at a rapid clip.
What’s happening: Netflix’s stock dropped 30% when the market opened on Wednesday, instantly wiping more than $45 billion off the value of the company.
Netflix said it shed 200,000 subscribers in the first three months of the year, when it had been expecting to add 2.5 million.
Read more at CNN.com
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