NFLX - Why Netflix Stock Sank Today
2023-08-24 15:15:00 ET
Shares of video streaming star Netflix (NASDAQ: NFLX) dimmed a bit Thursday afternoon, losing 3.8% through 2:25 p.m. ET after Bloomberg reported that subscriber growth from a Netflix crackdown on password sharing may be starting to run out of steam.
Citing data from market analyst Antenna, Bloomberg estimated that Netflix added 2.6 million new subscriber accounts in July. (Bloomberg noted that this number is not exact, but that the data Antenna collects has proven a "reliable proxy for user growth" at Netflix.)
Now, this sounds like good news. Indeed, it certainly is good news relative to every other streaming provider in the U.S., which Antenna data show all grew more slowly than Netflix. The problem is that, while Netflix added subscribers in July, it added 26% fewer subscribers than it added in June.
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Why Netflix Stock Sank Today