Netflix shares continued their free fall Wednesday after analysts downgraded the stock following the left-wing streamer’s disastrous first-quarter results that showed a loss of 200,000 subscribers and a projected loss of 2 million more in the months ahead.
The stock fell as much as 12 percent in morning trading Wednesday, bringing the stock’s total loss since yesterday’s closing bell to more than 37 percent. Since the start of the year, Netflix shares have plummeted a staggering 63 percent.
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Analysts dogpiled on Netflix on Wednesday, saying the stock could hover around its new lows for the unforeseeable future as the streamer’s plans to right the ship may take months to bear results. Among the analysts that downgraded the stock are Wells Fargo, Pivotal Research Group, and JP Morgan.
Other analysts at Goldman Sachs, Cowan, and BMO Capital Markets maintained their ratings on the stock, but drastically cut their target prices.
Netflix has blamed the poor results on a host of factors including password sharing, the Russia-Ukraine conflict, and increased competition in the streaming entertainment field. The company’s outlook is so dire that executives are taking the unprecedented step of launching a free, ad-supported version of its service in a bid to spur revenue and compete with the likes of Pluto TV and IMDb TV.
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As usual, Netflix failed to mention the millions of Americans who object to its woke, left-wing content, which includes a slate of programming from Barack and Michelle Obama, who continue to have a production deal with the company.
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