(BREITBART) – Streaming giant Netflix lost subscribers in the United States for the first time in nearly a decade, dropping a net 130,000 over the second quarter of 2019 while also adding nearly two million fewer customers than predicted.
Although overall paid subscribers rose by 2.7 million, this was well below Netflix's target of adding five million subscribers worldwide. The platform also lost 130,000 subscribers across the United States, marking the first decline since 2011 – sending the company's stock tumbling by over 12 percent in after-hours trading.
Advertisement - story continues below
"Our missed forecast was across all regions, but slightly more so in regions with price increases," Netflix CEO Reed Hastings wrote in a letter to shareholders. "We don't believe competition was a factor since there wasn't a material change in the competitive landscape during Q2, and competitive intensity and our penetration is varied across regions."
Hastings also indicated that the company would start shifting away from providing classic shows "Friends" and "The Office" and produce even more original content.
