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Netflix falls 9%, as the rest of tech stocks take a beating

Key Points
  • Netflix shares fell 9 percent on Wednesday, one week after beating earnings expectations.
  • Share prices have fallen below pre-earnings levels.
Netflix CEO Reed Hastings is pictured on May 3, 2018 in Lille, northern France during the first edition of the TV Series Mania festival.
Philippe Huguen | AFP | Getty Images

Netflix closed down 9.4 percent on Wednesday, as tech stocks overall took a dive.

Just last week, Netflix share prices surged as much as 15 percent on earnings. The company met revenue estimates and reported almost 7 million new subscribers. Netflix stock has now fallen below pre-earnings prices.

The S&P 500 technology subsector closed down 4.42 percent on Wednesday.

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