$50 billion wiped from Netflix as subscriber shock triggers market rout
Netflix is tearing up all its old rules after a string of disastrous quarterly results cast doubt on its future prospects.
The streaming giant said it lost 200,000 subscribers in the first three months of the year – its first drop in more than a decade.
While its withdrawal from Russia led to the loss of 700,000 customers, it forecast another loss of 2 million subscribers in the three months to the end of June, fueling fears it may have already seen its best. days.
Shares of Netflix plunged 25% last night. If the decline continues today, the company will have lost around half its value so far this year, wiping out around $150bn (£115bn) of shareholder wealth in less than four months.
5 things to start your day
1) Europe is paying the price for its dependence on Russian gas – but the worst is yet to come New IMF forecasts reveal the economic blow to the region due to its dependence on Russian energy
2) Netflix loses subscribers for the first time in a decade as the cost of living bites Streaming giant releases dire Q2 prediction, sending shares tumbling 26%
3) Bulb Energy boss still paid £250,000 after taxpayer bailout Hayden Wood keeps salary after bailing out company with £1.7bn of public money
4) Britain to suffer weakest growth in G7 as Sunak tax raid bites IMF warns UK will lag behind major rivals next year
5) Great British Rail Sale: everything you need to know Where to go, how to book tickets and how long the sale will last
What happened overnight
Asian markets were largely flat Wednesday morning. In Tokyo, the Nikkei 225 opened slightly higher, supported by a cheaper yen, but the Hang Seng index in Hong Kong was slightly lower after being beaten by concerns over Chinese growth and Beijing’s crackdown on the sector. technology on Tuesday. Shanghai and Seoul were also down while Sydney, Jakarta and Taipei were slowly rising.
- Business : Oxford Biomedica, Wood Group (annual results); Bunzl, Carr’s Group, Centamin, CRH, Hunting, IntegraFin Holdings, Naked Wines, Petra Diamonds, Rio Tinto, QinetiQ Group, Quilter (commercial declarations)
- Economy: People’s Bank of China interest rate decision (China)industrial production (EU)trade balance (EU)