News Formal

Netflix market value plummets by R633 billion

  • 📰 mybroadband
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 67%

United States News News

United States United States Latest News,United States United States Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pick-up expected in US investment-grade bond issuanceWall Street projecting $25bn to $30bn billion of new supply this week
Source: BDliveSA - 🏆 12. / 63 Read more »