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Netflix stock has plunged in after-hours trading after the video streaming service suffered a dramatic slowdown in growth even as it girds for stiffer competition.
The company reported after the closing bell on Wednesday that it picked up 2.7 million worldwide subscribers for the April-June period, far below the 5 million subscribers forecast by Netflix.
Netflix - Shares - Percent - Trading
Netflix shares were down more than 12 percent, to $317.65, in after-hours trading at 5.05pm.
The second-quarter letdown comes after Netflix attracted nearly 10 million subscribers during the first three months of the year, more than any other quarter since the debut of its video streaming service 12 years ago.
Netflix - June - Worldwide - Subscribers - Crop
Netflix ended June with 151.6 million worldwide subscribers, far more than a current crop of video streaming rivals that includes as Amazon and Hulu.
Signaling it expects to regain some momentum this summer, the company projected it will add 7 million subscribers from July through September.
Optimism - Part - Popularity - Things - Season
The optimism stems in part from the immense popularity of 'Stranger Things,' whose third season attracted record viewership after its July 4 release.
But the battle for viewers' attention and dollars will get tougher this fall when Walt Disney Co. and Apple plan to launch their own streaming channels.
AT - T - Fray - Year - HBO
AT&T will join the fray next year with HBO Max and NBC is expanding into video streaming, too.
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