The platform Netflix has plummeted 36% at the opening of Wall Street after announcing the day before about quarterly results worse than expectedwith a cut in its subscriber base and stagnant profits.
Half an hour after trading began on the stock market, shares of Netflix, which trades on the Nasdaq index alongside big tech, they left 35.93% of their value, cutting some 125.26 dollars to stand at 223.35 dollars per share.
Netflix lost 200,000 subscribers between January and March 2022, its first cut in more than a decade and a figure in stark contrast to its expectations of adding 2.5 million, which its executives blamed on increased competition between streaming companies.
The platform reported slightly lower profits than in the first quarter of the previous year, of 1,597 million dollars, and He pointed to factors such as inflation, the economic effects of the war in Ukraine and the stoppage of filming due to the coronavirus.
The company, which has 221.64 million subscribers at its service worldwide, He anticipated that in the following quarter he will lose another 2 million subscribers and said that he is studying offering a subscription model with ads for a lower price, something he has resisted.
According to Wall Street analysts, this could be the worst trading day for Netflix in more than a decade and the end of his bonanza associated with the pandemic, since his business took off during the confinements due to covid-19 but that panorama is “clouded” with the return to normality.
The fall of Netflix on the stock market dragged this morning other subscription-based digital entertainment companies, such as Disney (-4.6%) and Amazon (-2.33%), which also offer television content, or Spotify (-8%), which offers music services.