The streaming service lost 200,000 customers in the first quarter, the first time it has shed subscribers since 2011.
Netflix closed at $226.19 in New York, extending its plunge this year to 62% - making it the worst performing stock in the S&P 500 and the tech-heavy Nasdaq 100 indexes. Netflix has a 0.8% weighting on the Nasdaq 100 and 0.3% on the S&P 500. The shares posted their biggest drop since October 2004. 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.
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Netflix market value plummets by R633 billionNetflix Inc. shares are on course to lose about $42 billion (R633.2 billion) in value Wednesday after the streaming giant reported its first subscriber decline in more than a decade as the company pledges to make a slew of changes to its business to arrest a customer exodus.
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Netflix set for $60bn wipeout in market valueNetflix Inc. tumbled 39% on Wednesday, extending a selloff that has set it on course for a $60 billion wipeout in market value, after it reported a sharp decline in its subscriber base. It all started with a word to try something new. My first payment come after 3 days when I invested $1000 and since then I have received countless payment, he worthy to be recommended Harrismayson0
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