Netflix sheds subscribers—and $170bn in market value

IN JANUARY NETFLIX warned investors that it expected to add only 2.5m subscribers in the quarter ahead, causing a sell-off that knocked nearly 30% off its share price. On April 19th the video-streamer admitted that the reality was worse: Netflix lost 200,000 customers in the period, its first net drop in more than a decade. The firm expects to lose another 2m between April and June. By April 20th it was worth 35% less than the day before—and 63% less than at the start of the year, wiping out nearly $170bn in market value and making it the worst-performing stock in the S&P 500 index.