Netflix subscribers fell for the first time in a decade and shares plummeted 24%

It is the first time in ten years that there has been a fall, after losing some 200,000 customers in the first quarter

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FILE PHOTO: The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson/File Photo
FILE PHOTO: The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson/File Photo

Global streaming giant Netflix on Tuesday reported a loss of subscribers for the first time in more than a decade and predicted further contraction in the second quarter, a rare setback for a company that has been a reliable growth engine for investors.

Netflix lost 200,000 subscribers in its first quarter, falling far short of its modest predictions that it would add 2.5 million subscribers.

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