Netflix stock drops, on pace for worst day in two years

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Reed Hastings, chief executive officer of Netflix.

Akio Kon | Bloomberg | Getty Images

Reed Hastings, chief executive officer of Netflix.

Netflix is on pace for its worst day in two years, down roughly 10 percent following a big miss on subscriber growth.

Shares fell as low as $344 in the first half hour of trading Tuesday before paring some losses. The stock closed Monday at $400.48, making for the stock’s biggest single-day drop since July 19, 2016 when it fell 13 percent after a similar earnings report of weaker-than-expected subscriber growth.

Netflix has a history of big rebounds, and much of Wall Street is expecting a recovery. But it’s a notable stumble for one of the best performing stocks of the year.

As of Tuesday’s open, Netflix is up 90 percent in 2018 and more than 125 percent in the 12-month period.

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