Netflix stock has been through a turbulent time over the last few months, but now it has officially gone negative for the year.
In early July, the streaming service’s stock was experiencing record highs. However, a loss of subscribers and increased competition from contenders such as Apple and Disney has resulted in shares erasing all of their 46% gain for the year. On Monday (September 23, 2019) the platform entered negative territory.
Netflix has sustained repeated blows in the last few months. For example, The Office – its most popular show – was taken by NBC. Next, it experienced a rare episode of subscriber shrinkage in the US. Furthermore, it missed out hugely on international subscriber adds during the second quarter, which resulted in plunging stock.
Perhaps the straw that broke the camel’s back for Netflix’s struggling stock arrived in the form of news that Apple, Disney, AT&T’s WarnerMedia and NBC would be launching their own streaming services.
Despite this onslaught of bad news, some Wall Street analysts haven’t given up hope in their most-loved stocks, with the majority covering Netflix giving it a Buy rating as of Monday evening.
However, a few are beginning to change their mind as of Tuesday (September 24, 2019) morning, as they have warned the company’s quarterly earnings – which are coming up – could be a source of further disappointment.
Read more about the drop here.
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