Netflix saw its share price fall more than 13% in after-hours trading after disappointing figures on subscriber growth.

The US TV streaming giant gained 3.62 million subscribers in the third quarter, meaning it now has just under 70 million subscribers around the world.

It actually gained more customers globally than it expected, seeing 2.74 million new subscribers in the quarter compared with expectations of 2.4 million.

But it was in the US where Netflix didn’t meet its targets. It had predicted 1.15 million people would join the service in the US. But just 880,000 did.

In a note to shareholders, Netflix blamed “ongoing transition to chip-based credit and debit cards” for the slower growth in US subscribers.

It wasn’t all bad news for Netflix, however. It said that revenues for the quarter were up to $1.74 billion (£1.1bn), compared with $1.41bn in the same period last year.

Last week, Netflix said it would be raising its prices for new customers. And earlier this year it took the widely unpopular decision to remove thousands of films to fund its own, original programmes.

powered by Typeform