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Report: Netflix shares fell about 11% in US

Report: Netflix shares fell about 11% in US
Netflix shares fell about 11% in United States, Reuters reported adding that the site also showed lower-than-expected global growth and signs of trouble in its U.S. base ahead of Walt Disney Co’s much-awaited launch of a rival service later this year.

Netflix, whose price-to-earnings ratio is by far the largest of the five big U.S. tech companies, has quadrupled in value since 2015 but at $321 per share is down $100 from 2018 peaks.

The other companies including in ‘big five’ are Facebook Inc, Amazon.com Inc, Apple Inc and Alphabet Inc (GOOGL.O).

The April-to-June period tends to be seasonally weak for Netflix in the United States, where warmer weather and longer days keep viewers outdoors.

Reportedly, Netflix had missed expectations for second-quarter subscriber numbers three times in the last four years.

This year, however, the Los Gatos, California-based company set a series of aggressive price hikes, and lost U.S. subscribers for the first time in eight years.