Netflix shares took a beating today after the video streaming company warned investors this morning it may experience difficulty reaching its year-end target for new subscribers and will record a loss in its final quarter of the year.
Initially, the stock sank about 14%, but the bloodshed grew worse as the trading day wore on. The stock is poised to close down more than 24% today, falling to just $60. NFLX was trading comfortably above $80 yesterday.
Last quarter, Netflix fared well: it beat analyst expectations on earnings and added well over 500,000 new customers to its video streaming service in the US alone. But the next quarter—and the quarter after that—aren’t looking as rosy.