Updated with closing price: Netflix stock, which went into Friday’s Nasdaq session already down 16% in 2022 to date, plunged 22% today alone on waves of selling and disenchantment.
After crawling up from an intraday low of $380 in the opening hour, it finished today at $397.50, its worst closing price since April 2020. Trading volume was almost 20 times normal levels.
The rout followed a fourth-quarter earnings report that disappointed many Wall Street analysts and investors and triggered a larger debate about the outlook for streaming in general. While the company missed its fourth-quarter target for subscribers by just 200,000 (8.3 million additions vs. the expected 8.5 million), its weak guidance for the current quarter set off alarms. During their quarterly earnings interview, top executives could not identify any one cause for the slowdown in subscriber growth, instead reiterating confidence in their overall trajectory. “For now, we are just staying calm,” co-ceo Reed Hastings said.
Analysts, by and large,...
After crawling up from an intraday low of $380 in the opening hour, it finished today at $397.50, its worst closing price since April 2020. Trading volume was almost 20 times normal levels.
The rout followed a fourth-quarter earnings report that disappointed many Wall Street analysts and investors and triggered a larger debate about the outlook for streaming in general. While the company missed its fourth-quarter target for subscribers by just 200,000 (8.3 million additions vs. the expected 8.5 million), its weak guidance for the current quarter set off alarms. During their quarterly earnings interview, top executives could not identify any one cause for the slowdown in subscriber growth, instead reiterating confidence in their overall trajectory. “For now, we are just staying calm,” co-ceo Reed Hastings said.
Analysts, by and large,...
- 1/21/2022
- by Dade Hayes
- Deadline Film + TV
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