A day after it was revealed that Netflix added only 2.7 million subscribers in the most recent quarter, far shy of the 5 million it had previously forecast, The streaming service shed $17 billion in value on Thursday as Wall Street punished the leader in streaming media.
In trading volume more than five times its daily average, the stock sunk 10 percent Thursday as analysts digested the news, which included the fact that Netflix lost U.S. subscribers for the first time since launching its streaming product, meaning that the entirety of its gain came from international territories.
The downturn of Netflix primarily deals with the increase in price, and the upcoming competition that is sure to decrease Netflix’s number in the forthcoming future.