YOUR WORK PAYS OFF: NETFLIX LOSES TWO MILLION SUBSCRIBERS, $54 BILLION
Netflix is having a Terrible, Horrible, No Good, Very Bad Day, announcing that it's lost 200,000 paid subscribers in the first quarter-its first subscriber loss since 2011. Shares of the company quickly dived off a cliff, plunging more than 25 percent in after-hours trading.
Worse, the company is expecting a stunning two million subscriber loss for the second quarter.
Netflix Sheds $54 Billion In Market Value In One Day As Wall Street Regroups On Longtime Darling, Ponders Fallout On Rivals
Netflix shares ended a brutal session of heavy trading down 35%, its biggest one-day selloff since 2004, as the streamer shed $54 billion in market value Wednesday. That plunge and accompanying commentary after reporting disappointing Q1 2022 earnings may mark the end of the streamer's long honeymoon with investors, who are collectively taken aback by the company's surprise admission of slowing growth and discouraged by the long-lead time and lack of clarity around potential solutions.
"We have witnessed a company go from growth darling to growth purgatory in an instant," MoffettNathanson analyst Michael Nathanson said," reports Deadline.
Eugene Delgaudio president of Public Advocate says " Public Advocate has reached millions of Americans with a plea to drop Netflix in a protest over the pro-child grooming in Cuties for over a year including a call for criminal prosecution in an email last week so we appreciate the American people and investors responding as we hoped and prayed they would."
PUBLIC ADVOCATE VIDEO OPPOSING NETFLIX HAS 160,000 VIEWS