According to the recent research, there are over 80% of people would be motivated to exercise if incentivized by crypto...


Recent Study Reveals That Crypto Motivates People to Exercise

On Friday, Prime Minister Ranil Wickremesinghe warned of a food shortage as the island nation battles a devastating economic...


Thousands queue for petrol, gas in Sri Lanka amid warnings of food shortages

ASML, a semiconductor industry and stock market giant, might have to think smaller. Or maybe bigger. Currently, it is building machines...


Computer chip giant ASML places big bets on a tiny future

Finance ministers and central bank governors of the United States, Japan, Canada, Britain, Germany, France and Italy - the G7, agreed on...


Money for Ukraine Priority in G7 Agenda; Inflation, Food a Concern

An auto safety agency in the U.S. said on Wednesday that it has opened an investigation into a fatal crash involving a Tesla...

Stock Markets

U.S. Agency opens investigation involving Tesla due to 14 Crash Deaths

Stock Market

21 Jan 2022

Netflix Loses Nearly $45 Billion in Market cap; Failed to Acquire New Subscribers

Netflix Loses Nearly $45 Billion in Market cap; Failed to Acquire New Subscribers

The Index Today

Netflix expected to add just 2.5 million subscribers for this quarter, a number that falls short of Wall Street’s forecasts and marked as the slowest start to a new year for the popular online streaming company in at least a decade.

According to the released data, shares of Netflix fell as much as 20% to $404.50 in after-hours trading, erasing about $45 billion in market value as investors braced for the prospect that the company is entering a new phase of slower growth. Walt Disney and Roku’s shares also plummeted.

According to the report, Netflix added just 18.2 million customers in 2021, down about 50 per cent from the record year before. It is forecasting that slowdown will continue, at least for another quarter, with the outlook for the current period missing Wall Street’s forecast of 6.26 million new subscribers.

Company executives struggled to identify why the growth has slowed, but right now they are putting the blame on a tough economy, especially in Latin America, as well as lingering fallout from the pandemic.

Chief financial officer Spencer Neumann said on a webcast on Thursday, “It’s tough to pinpoint why [subscriber] acquisition hasn’t recovered to pre-Covid levels.” He and his colleagues reiterated their confidence in the long-term prospects for the business.