Netflix Shares Sink Most Since 2012 in Flurry of Downgrades
- At least nine firms cut their ratings after weak user outlook
- Stock has gained just twice after earnings in past 12 quarters
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Netflix Inc. tumbled by the most since July 2012 as analysts downgraded the streaming giant after it gave an outlook for subscriber additions that fell short of Wall Street’s expectations.
The selloff of 22% on Friday dragged the stock to the lowest level since April 2020. At least nine firms tracked by Bloomberg cut their recommendation on the stock after Netflix forecast adding just 2.5 million customers in the first quarter, compared with analysts’ expectations for 6.26 million additions.