“Netflix stock sinks as Wall Street looks for clarity on revenue growth”
July 21, 2023
“Netflix stock sank more than 8% Thursday after a quarterly earnings report that was largely positive but left Wall Street underwhelmed and uncertain about key revenue drivers.
The sell-off in Netflix shares follows a 60% year-to-date rally, spurred by the rollout its cheaper, ad-supported plan and a crackdown on password sharing, both of which were supposed to drive growth for the streaming giant…
Netflix said Wednesday it added 5.9 million customers, but following last year’s first subscriber loss in a decade that sent its stock on a downward spiral, the company said it would shift focus to revenue growth and forecasts…”
https://www.cnbc.com/2023/07/20/netflix-stock-revenue-growth-clarity.html
Password sharing was helping the company grow not shrink in my opinion. Also getting rid of it angered their costumer base.