Shares of the streaming leader plunged as much as 39%, erasing years of gains in the biggest intraday drop since 2004. The swoon made Netflix the worst-performing stock of the year on both the benchmark S&P 500 and Nasdaq 100 indexes and sent shock waves across the media universe, sinking Warner Bros. Discovery Inc., Roku Inc. and others.
“It’s just shocking,” said analyst Michael Nathanson of MoffettNathanson LLC. “Everything they’ve tried to convince me of over the last five years was given up in one quarter. It’s such an about face.” “It allows us to bring in revenue for everyone who is viewing and who gets value from entertainment we’re offering,” Chief Operating Officer Greg Peters said during an interview with analyst Doug Anmuth of JPMorgan Chase & Co.Netflix Bonds Drop After Company Sheds 200,000 SubscribersShopify and Zoom Fall as Netflix Results Drag Down Tech StocksNetflix’s troubles are a warning sign for its peers and competitors. After watching millions of customers abandon pay TV for streaming, U.S.
Cracking down on password sharing is a risk for a company that started by giving customers a cheaper, more convenient alternative to cable. By nudging customers to pay — and inserting advertising — Netflix begins to resemble what it replaced.But the company needs help after losing customers in three of its four regions in the first quarter, including more than 600,000 in the U.S. and Canada. Netflix blamed most of that on a price increase, and said the decline was expected.
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