“Netflix stock plunges 37% on shocking subscriber loss”
April 20, 2022
“Shares of Netflix plunged 37% Wednesday morning after the streamer reported earnings Tuesday evening that showed it lost subscribers for the first time in more than ten years. The results and weak outlook led to a wave of downgrades from Wall Street over fears of the company’s long-term growth potential.
Netflix said several headwinds are impacting growth, including competition and the easing pandemic restrictions…
Slower household broadband growth also played a role in the company’s weak forecast. Netflix estimated 100 million households are sharing their subscription passwords with other family or friends, making it harder to grow memberships. ..”
https://www.cnbc.com/2022/04/20/netflix-plunges-trading-subscriber-loss.html
The cost of living is going up across the board. Entertainment is going to get scrapped. I feel sorry for anyone holding entertainment stock right now. In times of need it gets cut first.