Netflix loses subscribers as shares plunge

Sky News business reporter Edward Boyd says Netflix has lost 200,000 subscribers and the company expects more losses in the upcoming financial year.

Mr Boyd said it has been a huge shock to the market as Netflix shares dropped 26 per cent.

“The company also said it’s expecting to lose two million subscribers over the course of this financial year,” he said.

"Because the outlook for the streaming sector is obviously not as rosy as what analysts were expecting.”