After raising rates, Netflix reports first-ever drop in U.S. subscribers

The Netflix logo.
(Image credit: Getty Images)

Netflix stock fell more than 10 percent after the market closed Wednesday, following the company's announcement that for the first time since launching its digital service eight years ago, it saw a drop in U.S. subscribers.

In the second quarter, Netflix lost 126,000 paid U.S. subscribers, and also only added 2.7 million subscribers worldwide, far below the five million investors expected. With its hit show Stranger Things now streaming new episodes, Netflix expects to add more than seven million subscribers during the current quarter. Right now, there are more than 60 million U.S. subscribers.

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Catherine Garcia, The Week US

Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.