Netflix tanks again as investors question growth prospects
CBSN
Netflix shares continued to slide on Friday, tumbling 22% a day after the streaming video service announced a slowdown in subscriber growth.
The company's stock price also fell 20% on Thursday in after-hours trading when Netflix disclosed that it expects to add just 2.5 million customers in the first quarter, undershooting analyst forecasts of 4 million, according to FactSet Research. Netflix added 8.3 million worldwide subscribers between October and December, roughly 200,000 fewer than it had projected.
Shares closed the Friday session at $397.50, down from a 52-week high of more than $700 in late October. The stock has fallen 32% over the last year.
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