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Netflix tumbles after hours as markets dip on China worries

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Netflix tumbled after hours last night and US markets dipped following the momentous selloff in Chinese equities this week. Netflix, which has seen its share price soar 75 from the lows in March, added 10.1 million new subscribers to its service in the second quarter, smashing estimates of 8 million from analysts. However, its warning that such levels were not going to be sustained into the second half spooked investors, with shares off 9 after hours. The group also promoted its content chief Ted Sarandos to coCEO, putting the 20year veteran of the pioneering streaming video service in line as the clear successor to cofounder Reed Hastings.