Netflix is extending its push to mobile gaming.
Sopa images | Lightrocket | Getty Images
Now Netflix shares have given up all their earnings from the pandemic.
On Monday, shares of the streaming service fell more than 2% to about $ 332 each, a minimum of 52 weeks. That’s more than 50% below the company’s 52-week high of $ 700.99, which it reached in mid-November.
The last time the shares were sold at a price of about $ 332 was on March 20, 2020, just when blockades were imposed in connection with the pandemic.
Netflix has made significant strides in 2020 and 2021 as consumers have been stuck at home under various restrictions. However, as mandates dissipate, consumers are drawn to out-of-home entertainment such as cinemas, restaurants and theme parks.
The company is also facing increased competition from other companies such as Apple and Disney, which distract viewers from Netflix content.
Shares of Netflix fell sharply in January after it forecast only 2.5 million new net subscribers for the next quarter. Its 8.3 million adds in the fourth quarter were slightly below its own forecast of 8.5 million.
Competitive pressure and less reliable growth in subscribers combined with rising production costs forced Netflix to raise prices in North America earlier this year. The monthly cost of its base plan rose from $ 1 to $ 9.99, the standard plan jumped from $ 13.99 to $ 15.49, and the premium plan rose from $ 17.99 to $ 19.99.
This is the latest news. Please check for updates.