Netflix Inc. expects to add just 2.5 million subscribers this quarter, a number that falls short of Wall Street’s estimates and would mark the slowest start to a new year for the company in at least a decade.
Shares of Netflix fell as much as 20% to $404.50 in after-hours trading, erasing about $45 billion in market value as investors braced for the prospect that the streaming giant is entering a new phase of slower growth. Walt Disney Co. and Roku Inc. also slumped.
