The streaming service shocked Wall Street by losing 200,000 customers in the first quarter, the first time it has shed subscribers since 2011Netflix tumbled 39% on Wednesday, extending a sell-off that has set it on course for a $60bn wipeout in market value, after it reported a sharp decline in its subscriber base.
The streaming service shocked Wall Street by losing 200,000 customers in the first quarter, the first time it has shed subscribers since 2011. It also projected it will shrink by another 2-million customers in the second quarter. The drop in customers has led Netflix to break some of its long-standing rules: it will introduce a cheaper, advertising-supported option for subscribers in the next couple years and will start to crack down on people sharing their passwords even before that.
Fellow stay-at-home stocks, including Etsy, Zoom Video Communications and DocuSign have also been hit by deep losses, down between 38% and 51% in 2022, as these businesses struggle to leverage the inroads they made during lockdowns.Netflix’s stock has been a Wall Street darling in recent years, with three out of every four analysts covering the stock recommending a buy at the start of 2022.
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