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July 21, 2023According to GiantFreakinRobot:
Netflix Inc. shares experienced their largest decline this year due to a projected third-quarter revenue that missed Wall Street’s expectations, implying that the company’s recent strategies, such as password-sharing restrictions and a new advertising plan, have not yet boosted sales growth as predicted.
The shares experienced an 8.4 percent fall to $437.42 in New York, the steepest drop since last December. Despite professing no expertise in economics, stand-up comedian Zack Bornstein shared on Twitter his calculation showing that Netflix lost $18 billion in market value in just one day.
In his caption, Bornstein argues that the $18 billion loss could have funded all demands made by Netflix‘s writers and actors for 36 years.
His comment was a clear critique of the streaming giant, which is a major target of the current strikes by Hollywood writers and actors. The strikes are ongoing as these industry professionals seek enhanced streaming residuals, improved wages, better working conditions, and job security in the face of advancing AI technology.
Even with the addition of close to 6 million subscribers in the second quarter, Netflix’s revenue growth and projections fell short of expectations. Greg Peters, the Co-Chief Executive Officer, mentioned that significant returns from initiatives like the crackdown on password sharing and the new advertising plan would only materialize after several quarters.
