Netflix Inc. tumbled 39 per cent on Wednesday, extending a selloff that has set it on course for a US$60 billion wipeout in market value, after it reported a sharp decline in its subscriber base.
Netflix traded as low as $212.51 in New York, extending its plunge this year to 64 per cent — making the worst performing stock in the broad S&P 500 and the tech-heavy Nasdaq 100 indexes. Netflix has a 0.7 per cent weighting on the Nasdaq 100 and 0.3 per cent on the S&P 500. The shares are on pace for their biggest drop since October 2004 and are now worth less than $100 billion in market value.
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.
I had already planned to unsub when I get home from this road trip. What isn’t gratuitously gory/violent on Netflix seems just uninteresting. And trimming costs is a good idea anyway.
More at Zerohedge: But while the market was clearly surprised (and disappointed) with the NFLX results, few were more “shocked” than the Wall Street penguins analysts covering the company. Considering that 31 analysts had NFLX at a Buy one day before earnings (with just 3 sells), with an average price target of $500 (vs the closing price of $348.61 before the earnings announcement)…
We’d already dropped Netflix, due to it’s endless selection of stuff we had zero interest in, when we heard that Netflix had hired the Obamas, for God’s sake.
Got out in the nick of time.
Exactly. I streamed one series and then could find nothing else. We own equity but could use a write off even if painful.
Aren’t 80 million Democrat subscribers enough?
I cant believe the boring garbage that “netshits” offers.
The company is totally liberal and leftist ,and that’s 95 percent of its garbage content.
I could spend 10 minutes searching for something to watch and come away empty handed.
If I didn’t get it for free,(hahahaha up yours ,netflixs commies!!) ,I would never pay for it,even if they dropped the cost to a dollar.
I subscribed to Netflix when they were still mailing out DVD’s !! But dropped them after a few months when I got perturbed that all their search results shoved leftist Documentaries in my face. From its very beginning … NetFlix has been a leftist propaganda factory. I hope they get hit HARD … good and HARD. They’ve only seen about $15.00 of my money.
Although I DID watch Jeremy Clarkson’s Farm … bootlegged from my kids account
I’m out.
Never subscribed to Netflix.
We enjoy the programming on Paramount Plus, Discovery Plus, Curiosity Stream. Amazon Prime.
Good enough for us.
As much as I dont like what what YouTube has been doing I use it for streaming my Amateur Radio Station VA3KBC
https://m.youtube.com/watch?v=CcJdMUJxfjE
Don’t worry, True Dough will bail them out, it’s not like it’s his money or anything.
Netflix’s business model, which involves producing its own content at very high cost, was only made possible by the collapse in interest rates to near zero. At a historically sensible rate of interest, investors could never justify the risk of trying to recoup said costs with the subscription rates consumers are willing and able to pay. Hence, the idea being floated to add commercials. Good luck with that. They will be about as successful with that gambit as Blockbuster was when it began to rely on late fees for larger and larger chunks of revenue.
We have Netflix and the Brit ACORN.
My wife has a mysterious addiction to Korean shows which she watches after I go to bed. I occasionally have a look-see but see nothing of interest whatsoever. I myself would cancel it immediately but for her addiction; she was extremely tolerant of my alcohol addiction which I ended cold turkey in esrly 2006. She is white, born and bred in Atlantic Canada.
For the time being we keep ACORN but only due to a our declining standard of critical analysis: the best we can manage after a show is: IT WASN’T TOO BAD. Now it’s NOT TOO TOO BAD.
I have to give Netflix a thumbs up for Drive to Survive F1 racing show. It has been fun watching for sure.
The foreign language films/series can be good. Get a glimpse of life out there.
Now we fix the world-Argentina
Lupin-France
Rose Island-Italy
Never watched Netflix and I have no intention of changing that.
I’d already dropped Netflix months ago due to their offerings being mostly garbage. Dumped Disney+ last month for political reasons and also because their offerings are mostly garbage.
But were I still subscribed to either, the calculus is simple: streaming services are a luxury, and the increased cost of gasoline alone due to Justin-induced inflation and Justin-induced punitive Gaia-worshipping hair shirt taxes is significantly more than both streaming services cost me together. I might not be able to do anything about Trudeau’s fiscal incompetence or his ideological fixation on taxing us to fix the weather, but at least I can take it out on the woke corporations that push the same moronic, socialist, science-denying messages as Trudeau does.
Share the lack of wealth, as it were.
Netflix. After a couple of weeks, you spend more time scrolling trying to find something to watch than actually watching shows.
We’ve had Netflix since we started with the CD shipping service while we lived in the US. We kept it up but it has atrophied into something we never tuned into. At our place it’s hockey/golf/British crime or period dramas via Britbox or Acorn or PBS.
Cancelling Netflix was a bit fun today as I felt I fractionally added to the pile-on that is occurring.
“What isn’t gratuitously gory/violent on Netflix seems just uninteresting.”
Welp, there’s my afternoon chuckle.
Never had netflix. Don’t give a damn.