Netflix shares opened more than 10% lower Thursday, on double the normal trading volume, as Wall Street analysts and investors digested the streaming giant’s subscriber buffering. The stock p…
started the day at around $324. It has shed about 15% of its value in just the past week alone, as investors already were wary of increasing streaming competition and the loss of popular shows likeIn the quarter — historically its weakest — the company saw U.S. subscription levels fall slightly in its first domestic downturn in eight years. Globally, Netflix badly undershot its estimate that it would add 5 million new subscribers and reach 155 million worldwide subscribers.
Tim Nollen of Macquarie Research pointed out that Netflix has missed on its quarterly subscriber guidance once a year for the past four years. “But the magnitude of the miss this time appears more concerning in light of coming OTT competition from Disney, HBO/Warner, NBCU and Apple,” he wrote in a note to clients.
Stop treating Netflix like a tech company, Nollen urged. “Netflix is becoming more like a traditional media company that relies on its own content , and this meansTodd Juenger of Bernstein offered his reasoning for staying in the fold. “In fullness, does this EPS change our thesis or conviction? No. Does it make us more nervous? Of course,” he wrote in a note to clients. “Especially given the timing of Disney+ launch.
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