Netflix shares slide on disappointing subscriber growth

San Francisco: Netflix shares plunged in after-hours trade on Wednesday after its quarterly update showed weaker-than-expected subscriber growth for the streaming television sector leader.

Netflix said it added 2.7 million new subscribers worldwide in the April-June period, well below expectations, as the sector prepared for offerings from rival groups including Walt Disney, Apple and others.

Shares in Netflix skidded 11.97% to $319.07 in after-market trade following the results, which showed revenues and profits largely in line with analyst forecasts.