Netflix Stock Takes Major Hit After Reportedly Losing 200,000 Subscribers In Q1
Written by 1.02010 on April 20, 2022
Looks like folks might be getting tired of Netflix increasing their prices. The major streaming platform shared that they recently lost a ton of subscribers, falling to 221.64 million, which means they are down 200,000 subscribers from where they reported at the end of the fourth quarter.
The subscriber amount fell well short of corporations’ marks of another 2.5 million calculated, which would have carried the company to 224.34 million. Wall Street analysts predicted the same level of growth. It marks the first time Netflix’s worldwide subscribers have chartered, although the service previously saw a decrease in U.S. subscribers in 2019. Now Netflix is bracing for things to get even worse with a projected loss of another 2 million subscribers during the April-June period.
The disappointing performance affected Netflix’s stock price to plunge 23% in extensive trading. Investors had already been bailing out of the company’s once high-flying stock amid a dramatic slowdown in subscriber growth. If the shares function similarly in Wednesday’s formal trading session, Netflix’s stock will have lost more than its value so far this year.