Netflix Stock Plummets After Missed Targets
A drop of over 10%.
Netflix is currently undergoing a stock market crisis after heavily missing subscriber targets. The company had given itself the aim of 5.11 million subscribers globally and 1.23 million subscribers domestically, but only achieved 4.5 million and 700,000, both of which are significantly below expected.
In addition to this, the company slightly missed revenue targets, bringing in $3.91 billon USD instead of $3.94 billion USD. All of these have hit Netflix Inc’s stock, which fell by 13%. The stock may take another hit when Netflix makes its earnings call later on July 17, where it will explain why so many targets were missed and how it plans on rectifying those mistakes.
In related news, the newest trailer for Stranger Things season 3 hints at a key plot location.
