Netflix on Thursday unexpectedly announced that it will stop reporting subscriber numbers each quarter, a decision seen as a sign that years of customer gains in the streaming wars are coming to an end.

STORY: Netflix announced on Thursday that it will stop reporting subscriber numbers each quarter… signalling years of customer gains in the streaming wars may be coming to an end. The streaming giant's shares fell after it reported a large batch of new customers in the first quarter – but gave a revenue forecast that missed analyst targets.

Password crackdowns are working really well for Netflix — in fact, the media streaming giant added millions of new subscribers because of it.

The news that Netflix will only report its subscriber numbers until the end of the year managed to sink its share price overnight while at the same time it recorded excellent results.

While subscriber counts did go up, Netflix shares dropped more than 4.5% in after-hours trading. In its Q1 report to shareholders, Netflix said that engagement, which is measured in time spent on the platform,

Netflix Inc.'s stock has bounced around on Thursday, but was trading about 1% lower with roughly half an hour left in the session. The company reports results after the close of trading, and Netflix's report typically drops almost immediately after the bell.

Netflix gained another 9.3 million subscribers to start the year while its still-emerging expansion into advertising helped produce financial results that exceeded analysts’ estimates

Netflix says its profits have soared in the first three months of this year, partly thanks to a crackdown on password sharing. The streaming giant said it added 9.3 million customers in the first quarter,