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Netflix Subscribers Shrink for First Time in Decade
Posted
April 20, 2022
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April 20, 2022
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2:30Now PlayingNetflix Inc. shares are on course to lose about $42 billion in value Wednesday after the streaming giant reported its first subscriber decline in more than a decade as the company pledges to make a slew of changes to its business to arrest a customer exodus.
Shares in the company fell more than 27% premarket trading, extending its plunge this year to 58%. If the losses hold, Netflix is poised to become the worst-performing stock this year in both the benchmark S&P 500 and tech-heavy Nasdaq 100 indexes.
The streaming service shocked Wall Street by losing 200,000 customers in the first quarter, the first time it has shed subscribers since 2011. It also projected it will shrink by another 2 million customers in the second quarter.
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