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The Number of Netflix Bulls Is Dwindling

  • Slump is the steepest among S&P 500 Index components in 2022
  • Shares screen as value, but increasing competition is a worry
Updated on

Even in a year that has seen widespread selling of technology stocks and long-time market leaders fall into bear territory, the woes of Netflix Inc. stand alone.

The video-streaming company has plummeted 69% this year, abandoned by both investors and analysts as back-to-back disappointing quarterly reports raised concerns about user trends in an industry that’s becoming more competitive and losing its pandemic-related tailwinds. The drop is the most of any Nasdaq 100 or S&P 500 component, and much worse than the former index’s 26% decline.