Netflix Heads for Worst Day in Two Decades as Investors Hit 'Not For Me'

Netflix shares lost over a third of their value on Wednesday after the company reported its first drop in subscribers in a decade, leaving Wall Street questioning its growth in the face of fierce competition and post-pandemic viewer fatigue. From a report: The streaming pioneer's shares fell 37% to $220.40 and were headed for their worst day in nearly 18 years if the losses hold. More than a dozen analysts rushed to temper their views on a stock that has been a red-hot market performer in the past few years. 'Netflix is a poster child for what happens to growth companies when they lose their growth,' said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. Elon Musk weighed in on Netflix's subscriber loss by responding to a Slashdot tweet, saying 'the woke mind virus' is making the streaming platform 'unwatchable.' He added, 'Can they please just make sci-fi/fantasy at least *mostly* about sci-fi/fantasy?'

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