Netflix blames churn, competition for missed targets, dive in profits

New York

NETFLIX has hit a bump in the road as it pushes ahead on its quest to reach 60 million to 90 million subscribers in the US and, by the end of 2016, become fully global.

The company said on Wednesday that third-quarter profit tumbled 50 per cent compared with last year, missing its forecasts as it reported worse-than-expected streaming growth in the US.