Netflix Takes Massive Stock Market Hit

This year has been one hell of a rough ride for Netflix. The streaming video monolith lost 5% of its stock’s worth just before the bells closed on Monday afternoon and an additional 6% afterwards.

According to the Hollywood Reporter, the media giant is looking for ways to dig itself out of a giant financial hole after the company pulled two confusing back-to-back gaffes earlier this year – first upping the price of its basic price, and then purporting to split the company into two websites, before nixing the idea a week later. The company hemorrhaged roughly 10-15% of its members after the PR blunder, and the aura around Netflix hasn’t been the same since, with some members of the press (and some more vocal Netflix members) calling for Netflix honcho Reed Hastings to step down. 

Share Button

Facebook Comments