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Netflix makes devastating business revelation

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Netflix makes devastating business revelation

The online streaming service Netflix has had over £14.5million ($18bmillion) wiped off its stock market value virtually overnight after plummeting subscriber numbers in the US – The Independent reported last week.

The company reported its first major loss last quarter and stocks dropped by more than ten per cent shortly after the report came out. Around the world, Netflix saw an increase of 2.7million subscribers between April and June – The Verge reported.

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