Netflix shares were on course for their worst day in nearly a decade after the streaming giant reported that it lost subscribers in the first quarter.

Shares shed a quarter of their value in premarket trading on 20 April. Investors had expected that the company would add new users in the first quarter. Instead, Netflix said it ended the first three months of the year with 200,000 fewer subscribers than it had in the fourth quarter and said it expected to lose two million global subscribers in the current quarter.