Woke Netflix Shares Drop 7%
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Netflix just got more bad news.
The company shares dropped 7% over subscriber data.
Netflix shares fell more than seven percent on Wednesday as the streamer faced more bad news about its subscriber outlook, including a new study showing that long-term Netflix customers are abandoning it in significantly larger numbers.
Another study found that consumer interest in Netflix’s original content is lagging behind the competition.
Shares of the far left-wing Netflix dropped more than seven percent Wednesday and slid further in after-hours trading amid a widespread market sell-off that hammered other technology and entertainment stocks including Amazon and the Walt Disney Co.
Wednesday’s losses mean Netflix shares are off a staggering 70 percent for the year so far.
President Donald Trump is planning a streaming service to take on Netflix.
Former President Donald Trump’s media company has begun hiring staff for its video streaming platform as it seeks to build a MAGA challenger to mainstream providers such as Netflix, Hulu and Disney+.
In recruitment adverts posted on Wednesday, the Trump Media and Technology Group announced it was seeking a content buyer and a development manager to create programming for its TMTG+ service.
The service is part of Trump’s attempt to build an alternative media ecosystem after being kicked off Facebook and YouTube in the wake of the January 6 violence last year.
