NETFLIX SHEDS NEARLY $50 BILLION IN MARKET CAP AFTER 'BORDERLINE CATASTROPHIC' FORECAST

Netflix shares plummeted 21.8% Friday, cutting off $49.1 billion in market capitalization from the streaming giant. Executives predicted just 2.5 million net new subscribers in the first quarter of 2022. Netflix executives said a lack of new original programming, especially early in the quarter, was a factor in their forecast. The streaming service added more than 8 million subscribers in its holiday quarter.
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