Netflix stock is currently in a free-fall in after-hours trading. The stock is currently down by over 13%, after it significantly missed subscriber targets. The company expected to hit 5.11 million subscribers globally and 1.23 million subscribers domestically, but it actually hit 4.5 million and 700,000, respectively.
The company also slightly missed revenue targets, bringing in $3.91 billion compared to Wall Street Expectations of $3.94 billion.
With all this, the stock is tanking.
Later today, the company will have its earnings call and we’ll learn more about why it missed so many key targets.
The proposed safeguard duty, which would apply for two years in total to imports from China and Malaysia, would be reduced in the second year to 20 percent for six months and then 15 percent for six months. The proposed duty is less than the 70 percent recommended by Indian authorities in January.