The streaming service announced a 200,000-subscriber drop from the previous quarter, with even more losses on the way. And now, only 24 hours after revealing its first loss of subscribers in ten years, Netflix’s market cap has plummeted by $50 billion.
Down and Down
Netflix’s dominance has been weakened by competitors such as Disney+ and Amazon Prime, not to mention the recent price hike and Russian sanctions, despite the fact that it is still a titan of home entertainment – and possibly still the most ubiquitous.
Building It Back Up
Netflix’s market valuation was wiped out by more than $50 billion as a result of the drop, with Wall Street investors concerned about the company’s long-term prospects given that it is a household name and still suffering significant losses.
While this has been quite the slump for the company, it would only be a matter of time before they come up big in some of their upcoming moves!