His share Netflix collapsed by almost 40% this morning on the New York Stock Exchange, as it was hit hard after the loss of 200,000 subscribers in the first quarter of 2022.
The stock of the American streaming giant collapsed on Wall Street, losing more than 40 billion dollars, according to the financial analysis company Factset. The title was formed at 218 dollars, falling by 37.24% around 17.20 Greek time.
The industry leader, who hoped to gain an additional 2.5 million subscribers, on the other hand, recorded big losses for the first time in ten years, and predicts further losses in the second quarter.
The group attributes the decline in the number of its subscribers over the previous quarter to the suspension of its service in Russia after the Moscow invasion of Ukraine.
The group also suffered a reduction in the recovery of subscriptions caused by lockdowns due to Covid-19. This influx of subscribers ended with the resumption of activity.
In addition, intense competition in the streaming sector and inflation have affected the performance of the group, which is already considering seeking funding for advertising.
“Netflix reports that it plans to add two million fewer subscribers in the second quarter and is beginning to find solutions to charge its 10 million users for free services as they share passwords,” said Kenneth Lyon, a CFRA analyst. revised down its estimate for the share price.
Follow Skai.gr on Google News
and be the first to know all the news
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
