Netflix shares plunge following disappointing subscriber growth

Netflix saw its value drop by billions of dollars after the streaming giant announced it had missed its target for new subscriptions in the first quarter of 2021 (AP Photo/Jenny Kane, File)

Netflix saw billions of dollars wiped off its value after the streaming giant announced it had missed its target for new subscribers in the first quarter of 2021.

Shares plunged by as much as 11% in after-hours trading following news Netflix amassed four million new subscribers globally in the first three months of the year, two million shy of its goal.