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Netflix said inflation, the war in Ukraine and fierce competition contributed to a loss of subscribers for the first time in more than a decade and predicted deeper losses ahead, marking an abrupt shift in fortune for a streaming company that thrived during the pandemic.
Wall Street sent Netflix’s stock tumbling 26 percent after market hours, erasing about $40bn of market value.
Netflix Inc says inflation, Ukraine war and fierce competition contributed to a loss of subscribers for the first time in more than a decade.
Netflix Inc says inflation, the war in Ukraine and fierce competition contributed to a loss of subscribers for the first time in more than a decade an
Netflix said inflation, the war in Ukraine and fierce competition contributed to a loss of subscribers for the first time in more than a decade and predicted deeper losses ahead, marking an abrupt shift in fortune for a streaming company that thrived during the pandemic.