Posted on 04/22/2022 8:44:57 AM PDT by Morgana
The fallout from Netflix’s first-quarter losses continued on Wednesday when the streaming giant’s shares closed down more than 35 percent. According to CNBC, the sharp drop “led to a wave of downgrades from Wall Street on fears over the company’s long-term growth potential,” resulting in a loss of more than $50 billion of its market cap.
“It is now the worst-performing stock of 2022 in the S&P 500, down 62.5 percent year-to-date,” CNBC flatly stated.
Analysts with Bank of America, one of the nine Wall Street companies to downgrade the streaming platform, said the company’s current plans “reaccelerate growth” show a share of promise, they will likely have no “noticeable impact until ’24, a long time to wait on what is now a ‘show me story.'”
Analyst Jeffrey Wlodarczak with Pivotal also wrote on Tuesday that Netflix’s poor performance meant a reduction in “subscriber forecasts” and a substantial pushback in “profitability forecasts.”
With the closing of the second quarter, Netflix is projected to lose 2 million global subscribers. In a letter to shareholders on Tuesday, the company said the company’s content still remains popular but faces stiff competition. It also cited the company cutting off its paid 700,000 membership in Russia for a sharp drop in global subscribers.
“Our revenue growth has slowed considerably,” the company wrote. “Streaming is winning over linear, as we predicted, and Netflix titles are very popular globally. However, our relatively high household penetration — when including the large number of households sharing accounts — combined with competition, is creating revenue growth headwinds.”
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We have Mystery night after Midnight on Fridays (Sherlock Holmes, Charlie Chan, etc.) SAT AT 1:00 AM WAS REALLY BAD SCIENCE FICTION MOVIES.
At one time, we had the Italian Sons of Hercules. Tarzan came on Sat afternoons, followed by badly dubbed kung fu movies.
The old golden days of late night horror hosts. I still miss the old MonsterVision on TNT with Joe Bob Briggs.
I’m not sure how cutting off factory workers Ilya and Olga’s access to Better Call Saul is going to harm Putin. I’d think it would rather make them dislike the West more.
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