ICYMI: Netflix on course for $60 billion wipeout as shares plunge after subscriber shock — via financialpost Netflix Telecom Media
Netflix traded as low as US$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.
“A big problem with Netflix is that it’s too easy to leave the service,” said Russ Mould, investment director at AJ Bell. Consumers feeling the pinch from inflation will be looking hard at their expenses and streaming services are a quick way to save money, he said.Article content
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