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| Netflix shares plunge as subscribers fall | Netflix shares plunge as subscribers fall |
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| US shares of Netflix, the world's largest video streaming service, plunged on Wednesday after it reported fewer subscribers than forecast. | US shares of Netflix, the world's largest video streaming service, plunged on Wednesday after it reported fewer subscribers than forecast. |
| Netflix signed up 3.02m customers globally in the third quarter, compared to the 3.69m it had expected in July. | Netflix signed up 3.02m customers globally in the third quarter, compared to the 3.69m it had expected in July. |
| News of the slow growth, mainly in its US market, sent its shares plummeting as much as 27% on the Nasdaq index. | |
| The company blamed a $1(£0.62) price rise to $8.99 for its monthly service fee for fewer new subscribers. | The company blamed a $1(£0.62) price rise to $8.99 for its monthly service fee for fewer new subscribers. |
| Its stock lost more than $117 to $331 in after-hours trading from its close of $448.59. | Its stock lost more than $117 to $331 in after-hours trading from its close of $448.59. |
| Netflix operates in nearly 50 countries, but the US is its biggest market. Its growth in customers there fell 24% in the third quarter from a year ago to 980,000. | Netflix operates in nearly 50 countries, but the US is its biggest market. Its growth in customers there fell 24% in the third quarter from a year ago to 980,000. |
| The company's slowing growth figures came on the same day as rival Time Warner's HBO announced that it will launch an online streaming service in the US starting next year. | The company's slowing growth figures came on the same day as rival Time Warner's HBO announced that it will launch an online streaming service in the US starting next year. |
| Netflix shrugged off concerns of competition intensifying from HBO saying that there is enough room in the market for customers to use both services. | Netflix shrugged off concerns of competition intensifying from HBO saying that there is enough room in the market for customers to use both services. |
| "It is likely we both prosper as consumers move to Internet TV," Netflix said in a statement. | "It is likely we both prosper as consumers move to Internet TV," Netflix said in a statement. |
| The online streaming giant has invested in several new original shows and more recently original movies like the sequel to Oscar-winning martial-arts film "Crouching Tiger, Hidden Dragon" in an effort to maintain its position. | The online streaming giant has invested in several new original shows and more recently original movies like the sequel to Oscar-winning martial-arts film "Crouching Tiger, Hidden Dragon" in an effort to maintain its position. |