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Netflix market value plummets by R633 billion

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Netflix 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.

If the losses hold, Netflix is poised to become the worst-performing stock this year in both the benchmark S&P 500 and tech-heavy Nasdaq 100 indexes.

Consumers feeling the pinch from inflation will be looking hard at their expenses and streaming services are a quick way to save money. Analysts across Wall Street slashed their price targets for the streaming-video company, while at least seven brokerages downgraded the stock. Netflix’s stock has suffered this year as the pandemic-era surge in user sign-ups faded and investors have turned away from high-value technology and growth stocks due to rising bond yields.

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