KEY POINTS
  • Shares of Netflix plunged Wednesday after the streamer reported it lost subscribers in its most recent quarter.
  • The company shed more than $50 billion in market cap as a result.
  • At least nine Wall Street firms downgraded the stock on the disappointing report. 

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Shares of Netflix closed down more than 35% Wednesday after the streamer reported earnings Tuesday evening that showed it lost subscribers for the first time in more than 10 years. The results and weak outlook led to a wave of downgrades from Wall Street on fears over the company's long-term growth potential.

The drop caused Netflix to shave more than $50 billion off its market cap. It is now the worst-performing stock of 2022 in the S&P 500, down 62.5% year-to-date.

In this article