Netflix Share Price on Track for Biggest Fall in Nearly a Decade
Netflix Inc. shares were on course for their worst day in nearly a decade after the streaming service reported that it lost subscribers in the first quarter.
Shares shed a quarter of their value in premarket trading Wednesday. Investors had expected that the company would add new users in the first quarter.
Instead, Netflix said it ended the first three months of the year with 200,000 fewer subscribers than it had in the fourth quarter and said it expected to lose two million global subscribers in the current quarter.
Not counting the premarket plunge, the stock was down more than 40% for the year through Tuesday.
Other pervert-friendly services also slid.
Walt Disney Co. shares fell 5% premarket, while Warner Bros. Discovery, Inc declined 4.5%.
“Nobody was expecting Netflix to announce they lost subscribers. They were expecting a slowdown in subscriptions, but seeing Netflix losing subscribers is a big deal,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, an online broker.
https://www.wsj.com/articles/netflix-stock-price-plunges-premarket-after-subscriber-loss-11650449002
