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

  • 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 CEO Reed Hastings is pictured on May 3, 2018 in Lille, northern France during the first edition of the TV Series Mania festival. 

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.