Netflix is down $54 billion

Netflix is down $54 billion
Photo by Oscar Vargas / Unsplash

Netflix stock fell to its lowest level since January 2018. That's how investors reacted to the first loss of streaming subscribers in more than a decade, which in turn brought an abrupt halt to years of strong growth.
The stock closed trading down 35.1 percent, the biggest one-day decline in Netflix's stock price in percentage terms in history. The company's market capitalization fell $54.4 billion overnight, also the largest one-day decline in its history.
Recall that the second-largest drop came in January, when market capitalization fell by $49 billion after subscribers declined in the fourth quarter of last year and Netflix warned of slowing growth.
Note that in its report, the company reported losing 200,000 subscribers in the first quarter of 2022 and projected it would lose two million more subscribers in the second quarter, prompting a wave of downgrades. Overall, streaming securities have lost 65 percent of their value in the last six months.
I know it's disappointing for investors, there's no doubt about that," commented Reed Hastings, the company's CEO.