Netflix Shares Plummet as Subscriber Growth Disappoints Investors

Netflix shares fell as much as 12% overnight after it added far fewer subscribers than expected.

Author:: Jane King
Publish date:: Jul 19, 2016 7:18 AM EDT

Netflix ( (NFLX) - Get Report ) shares fell as much as 12% overnight after it added far fewer subscribers than expected. CEO Reed Hastings blames higher prices for the addition of only 160-thousand subscribers in the quarter, bringing Netflix's U.S. subscriber base to 47 million. Netflix said it needed to raise prices to pay for new shows. UnitedHealth ( (UNH) - Get Report ) beat estimates on both earnings and revenue. However, it did narrow its full year expectations. UnitedHealth says it grew revenue 28% year over year to $46.5 billion. Yahoo! ( (YHOO) ) reported another disappointing quarter. Revenue at the internet company fell 15% and profit dropped 64%. The company took a $482 million writedown on the Tumblr acquisition. June Housing starts are released today. An FDA Advisory Committee reviews an application by Valeant ( (VRX) ) for a psoriasis drug. API weekly oil inventories are reported.