Shares of Netflix, Inc. (NFLX) are down over 30% on Wednesday morning hurt largely by the video streaming giant's quarterly results. The company reported its first quarterly subscriber loss in over 10 years.
NFLX is currently trading at $239.79, down $108.82 or 31.22%, on the Nasdaq, on a volume of 17.1 million shares, above average volume of 8.4 million shares. The stock had opened its trading at $245.20, after closing Tuesday's trading at $348.61. The stock has traded between $239.03 and $700.99 in the past 52 week period.
Netflix said it lost about 200 thousand subscribers globally in the quarter, below its own forecast of 2.50 million additions, to end the quarter with 221.64 million subscribers. Looking ahead, the company expects to lose further 2.00 million subscribers in the second quarter of 2022.
For the first quarter, the company reported profit of $1.60 billion or $3.53 per share, down from $1.71 billion or $3.75 per share last year. Analysts on average had expected the company to earn $2.90 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 9.9% to $7.87 billion from $7.16 billion last year.
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