Home / Business and Economy / Netflix Shares Plunge on Weak Forecast
Netflix Shares Plunge on Weak Forecast
17 Apr
Summary
- Netflix shares experienced a significant drop in European markets.
- The company's revenue growth forecast fell below investor expectations.
- Co-founder and Chairman Reed Hastings announced he would not seek re-election.
Shares of Netflix experienced a sharp decline in European markets on Friday. The downturn followed the company's announcement of a revenue growth forecast that fell below analyst expectations.
Further contributing to the market's reaction, Netflix Chairman and co-founder Reed Hastings stated that he would not be seeking re-election to his position. By 0603 GMT, the streaming service's shares listed in Frankfurt had fallen by 8.7%.
Despite this recent drop, Netflix shares traded in New York have shown resilience, increasing by approximately 15% over the course of the year.
Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.
