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MarketWatch First Take: With Netflix stock upside down, ‘Stranger Things’ becomes its most important series ever

Netflix Inc.’s earnings were received about as well as New Coke’s debut Wednesday, but a show that features Coca-Cola Co.’s failed reboot could show a path to a rebound.

Netflix NFLX, -0.97%lost 126,000 subscribers in the U.S. in the second quarter, the first such loss since 2011, and badly missed expectations for new paying subscribers overall, sending shares down more than 10% in late trading. While many of the concerns coming into the report were about new streaming competition from the likes of Walt Disney Co. DIS, -1.20% , Apple Inc. AAPL, -0.56% , AT&T’s T, -0.95% WarnerMedia and others, Netflix put the blame squarely on its own content.

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