Netflix Tanks On Day After Earnings Report
(New York, NY) — Netflix is tanking and it’s dragging other stocks down with it. The streaming giant has been down by more than 30-percent Wednesday after revealing it lost 200-thousand subscribers in the first quarter. That’s the first time it reported a subscriber loss in more than ten years. Fellow streaming war competitor Disney has been down by more than four-percent at times during today’s session. Other tech names are following Netflix and Disney into the red as Google and Amazon are down as well.
(Los Gatos, CA) — Netflix is hinting that it might crack down on password sharing. The streaming service is reporting a sharp decline in subscribers over the last three months, and told shareholders Tuesday that its revenue growth has slowed considerably. Netflix blamed competition for the decline, and “the large number of households sharing accounts.” It also said pulling out of Russia last month cost it 700-thousand customers.