Netflix shares sink 10% as subscriber take-up slows.

Netflix added fewer paid subscribers than expected in the last three months, with the streaming service blaming price rises.

Shares in the company sank 10% after Netflix added 2.7 million new customers worldwide in the April-June period, well below expectations.

"Our missed forecast was across all regions, but slightly more so in regions with price increases," it said.

It comes as competition increases from rivals such as Walt Disney and Apple.

The company, behind such hits at The Crown and Orange is the New Black, said in its statement: "We don't believe competition was a factor since there wasn't a material change in the competitive landscape during [the second quarter] and competitive intensity and our penetration is varied across regions," the company said.

The additional 2.7 million subscribers fell far short of analysts' estimates of about five million.

"While our US paid membership was essentially flat in Q2, we expect it to return to more typical growth in Q3, and are seeing that in these early weeks of Q3," Netflix said.

However, that failed to calm investors, who in after-hours trading on Wall Street bailed out of a stock that had risen by almost 35% so far this year.

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