Shares in TV and film streaming service Netflix plummeted by 25% ($113) yesterday after the firm announced it missed expected internal US and international subscriber targets.
The firm had previously predicted US subscriber numbers would be 37.6 million at the end of its third quarter and 16.16 million outside the US.
However in a trading update, it announced numbers of 37.2m and 15.84 respectively.
CEO Reed Hastings told investors the missed targets were due to a recent price increase and rejected any suggestion that competition from Amazon, Hulu or US cable networks played a part in its poor performance.
Netflix recently expanded into six European countries, including Germany, Belgium and Switzerland, a move which is likely to help it reverse the shortfall in international subscriber numbers.
The service is also looking to get onto more devices, including reportedly the UK’s YouView hybrid internet/broadcast platform.