Netflix
The drop shaved off more than $50 billion of Netflix's market cap. The stock is now the worst performing name on the S&P 500 for 2022, down nearly 63% for its year-to-date and about 70% off its all-time high reaches in November 2021.
Netflix reported in its first quarter earnings report that it had lost 200,000 subscribers, citing increased competition in the streaming space and password sharing hurting growth; the company had previously estimated that it would add only 2.5 million new customers in the first quarter. Netflix also forecasted a loss of two million subscribers for its current second quarter.
Shares of Disney fell 5% to close on Wednesday, while Roku fell over 6%. Other streaming services like Discovery
Many investors are speculating if Netflix's loss is specific to the company or whether the streaming market as a whole is headed towards more subscription losses as pandemic restrictions ease and consumers spend more time outside their houses. Some companies are looking to combat so-called "streaming fatigue" by offering ad-supported plans that are cheaper than their initial subscription tier in the United States. Currently, Netflix and AppleTV
Netflix shares are held by nearly 250 exchange-traded funds (ETF), according to ETF.com. The Vanguard Total Stock Market ETF