The Nasdaq lost 3.52% at the close. The DJIA dropped 2.73% — off 880 points. The S&P 500 was down 2.91%.services in an environment where consumers have to cut back to account for sky high fuel, food and rent prices. President Biden today attacked oil companies led by Exxon Mobil for profiteering.Paramount fell 3.6%. Warner Bros Discovery dropped 4.9%.
While Netflix stock is still above the low it sank to in April after a bleak earnings report and a forecast for up to 2 million subscriber losses in the current quarter, it is still at the lowest point since 2018. Overall bearish sentiment on technology has compounded the executional issues for Netflix, with the sector’s stocks hitting their worst stretch in 20 years.
For streaming providers, inflation is the prevailing concern among many analysts. Netflix has recently become the priciest general entertainment service on the market, and Co-CEO Reed Hastings has signaled that the company would move quickly to add a lower-priced, ad-supported tier, matching Disney+, Hulu, Peacock, HBO Max and other rivals.
Netflix execs have cited macroeconomic pressures, primarily tangles in the global supply chain, as a drag on the company’s financials. But they say they still have leverage to increase prices, given their industry-leading 222 million subscribers and enviably low churn. In recent months, the company has acknowledged the need to boost the caliber of its original programming, which now accounts for more than half of the titles on the platform.
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