Netflix shares sink as company sees growth slowing after coronavirus-driven subscriber surge

Netflix by Stock Catalog is licensed under Flickr CC BY 2.0
Shares in Netflix fell sharply on Friday after the streaming giant reported lower-than-expected second quarter revenue and meager expectations for new subscribers.

Netflix stock was down roughly 8 percent shortly after the market opened Friday. 

Despite beating expectations for revenue and global subscribers, the streaming service fell short of the earnings per share expected by analysts. Netflix also said it expects 2.5 million net subscriber additions for the third quarter, far less than the 5.27 million projected by analysts, according to CNBC.

After sharply declining with the rest of the stock market in March, shares of Netflix have climbed steadily throughout the coronavirus pandemic.