Netflix's stock price plunged more than 37% to $219.50 in early trading on Wednesday. The company's customer base fell by 200,000 subscribers during the January-March period. UBS analysts downgraded their rating on Netflix's stock from "buy" to "neutral"

The company reported revenue of nearly $7.9 billion in the period. The drop this year stemmed in part fromto protest the, resulting in a loss of 700,000 subscribers. For the current quarter ending in July, Netflix said it expects revenue of just over $8 billion.

Netflix also lost 800,000 subscribers in 2011 after it unveiled plans to begin charging separately for its streaming service. Analysts surveyed by Zacks had expected revenue of $8.2 billion. If the stock drop extends into Wednesday's regular trading session, Netflix shares will have lost more than half of their value this year.

The service also saw a decline in U.S. subscribers in 2019. But the latest subscriber loss was far worse than a forecast by Netflix management for a conservative gain of 2.5 million subscribers. The customer backlash to that move elicited an apology from Netflix CEO Reed Hastings for botching the execution.
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