Netflix Set To Lose $17-Billion

Shares in Netflix tanked by 11% in pre-market trading on Thursday.

The drop comes after it reported its first decline in US subscribers since 2011.

The company's US paid-subscriber base shrunk by 130,000.

The company previously estimated it would add 309,240 domestic subscribers.

Netflix gained 2.7 million worldwide subscribers in the second quarter, well below its forecast of 5 million additions.

More videos