$50bn wiped off Netflix’s value as subscribers quit

Shares in Netflix have slumped by 35% after it revealed a sharp drop in subscribers and warned millions more are set to quit the streaming service.

It wiped more than $50bn off the firm's market value as experts warned it faced a struggle to get back on track.

Netflix faces intense competition from streaming rivals, but was also hit after it raised prices and left Russia.

Yet some cast doubt on its plans to boost growth, which include bringing in a free ad-supported service.

It also plans to crack down...