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Netflix Rout Is Worst Since 2004, Punishing Roku and Disney, Too

  • Streaming giant sees loss of 2 million customers this quarter
  • Media stocks are broadly lower in response to surprise decline
Bloomberg business news
Netflix Loses 200,000 Customers, First Decline in Decade
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Netflix Inc. investors punished the company for its shock loss in subscribers and abrupt turnabout to embrace advertising after years of shunning it.

Shares of the streaming leader plunged 35%, erasing $54 billion of market value in its biggest drop since 2004. The swoon made Netflix the worst-performing stock of the year on both the benchmark S&P 500 and Nasdaq 100 indexes and sent shock waves across the media universe, sinking Warner Bros. Discovery Inc., Roku Inc. and others.