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News brief: Netflix shares tumble 10%

Netflix’s share price tumbled in trading yesterday amid wider market uncertainty and a further analyst projections of weak US subscriber growth.

It has been a tumultuous period for Netflix stock, with a sharp decline last week and then recovery as the streaming service announced a huge global rollout.

Yesterday, however, Netflix share were down over 10% on the day, ending at US$106.56.

ITG Research said it expects 1.13 million new Netflix subs in this quarter. That is below Netflix’s own guidance of 1.3 million and the wider Wall St expectation of 1.37 million.