Shares of the popular streaming service are down over 40% this year.
Netflix’s stock on Monday sank to its lowest point since the start of the coronavirus pandemic in March 2020, with investors continuing to sell shares of the popular streaming service as it faces slowing subscriber growth and rising costs amid increased competition from rivals.Netflix’s stock fell nearly 3% on Monday to a low of around $331 per share—down more than 50% from a record high of around $700 per share last November.
Shares of the popular streaming service have now given up all their pandemic-era gains, falling back to the same level they were at in March 2020, at the onset of coronavirus lockdowns. The stock saw gains in recent years—rising over 60% in 2020 and 11% in 2021—with consumers stuck at home, but as lockdowns were lifted subscriber growth has slowed with more people returning to movie theaters.
While Netflix has its own popular titles such as “The Witcher” and “Stranger Things,” the recent success of theatrical releases like “Spiderman: No Way Home” and “The Batman,” which have together raked in over $2 billion at the box office, adds further evidence to this trend.
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