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Netflix Declines the Most This Year as Outlook Disappoints
- ‘We have more work to do to reaccelerate’ growth, Netflix said
- Net add of 5.89 million customers more than doubled estimates
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Netflix Inc. shares fell the most this year after the company projected third-quarter revenue that fell short of Wall Street estimates, suggesting a crackdown on password sharing and a new advertising tier aren’t yet delivering the sales growth analysts anticipated.
The shares tumbled 8.4% to $437.42 in New York Thursday, the most since Dec. 15. The stock had risen 62% this year through Wednesday on optimism surrounding the company’s new initiatives.