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Netflix Shares Plunge 30% After Massive Subscriber Loss

  • Streaming giant’s drop erases $54 billion in market value
  • Company reported first customer decline in more than a decade
Bloomberg business news
Netflix Loses 200,000 Customers, First Decline in Decade
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Netflix Inc. tumbled 35% on Wednesday, in a selloff that wiped out $54 billion in market value, after it reported a surprise decline in its subscriber base.  

Netflix closed at $226.19 in New York, extending its plunge this year to 62% -- making it the worst performing stock in the S&P 500 and the tech-heavy Nasdaq 100 indexes. Netflix has a 0.8% weighting on the Nasdaq 100 and 0.3% on the S&P 500. The shares posted their biggest drop since October 2004.