Netflix shares fall more than 35% after streamer loses over 200,000 subscribers

Company expects to lose 2 million more over the next quarter as subscribers rethink commitment to streaming services

Shares of Netflix lost more than 35% of their value in New York on Wednesday,

after the streaming giant announced it had lost more than 200,000 subscribers in the first three months of the year

The sharp drop wiped $50bn off Netflix’s value and comes as subscribers rethink their commitment to streaming services

Netflix had anticipated it would add 2.5 million customers in the first quarter.

A number of rival services, including Disney, Warner Bros Discovery and Paramount,

often with deeper content libraries to draw on, have also entered the market.

Netflix stock, which was already down 40% for the year, has now dropped from $700 in November to $244 when the market opened