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Netflix shares slumped 10% as Wall Street opened on Thursday, following revelations it lost customers in its core US market for the first time in eight years.

The world's largest video streaming service also fell short of its own forecast for new subscribers overseas in the second quarter of the year.

It added 2.7 million worldwide subscribers between April and June - far below its prediction of five million - taking the total to 151.6 million.

The figures showed it lost 120,000 net customers in the US over the three months.

Netflix admitted it performed worse in countries where it had raised prices - including the UK - to help fund more original content as it prepares to lose its most popular old favourites, including The Office and Friends, to rivals such as Disney and NBC, which are clawing back their own material as they launch their own offerings.

Netflix shares had lost 12% in extended trading in New York after the results were declared on Wednesday.

Clement Thibault, analyst at financial markets platform Investing.com, said: "Even though we expected slowing user growth in the US, a negative paid net additions number is shocking.

"The problem is that with intensifying competition, there is no guarantee Netflix has the pricing power needed to raise prices without massively bleeding users."

The company said it did not believe that competition was a factor in its weaker second quarter for subscribers.

It blamed the price rises - of up to 18% - in the US particularly during a weaker period for new hit shows and forecast seven million net new subscriber additions in the current third quarter.

The optimism stems, in part, from the immense popularity of Stranger Things which attracted record viewership after the launch of its third season on 4 July.

Chief executive Reed Hastings told analysts in a video call: "I think our position is excellent.

"We're building amazing capacity for content. Our product has never been in better shape."