Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On May 23, 2002, Netflix, Inc. went public. Where the Market Was The Dow finished the day at 10,216.08. The S&P 500 traded at 1,097.08. What Else Was Going on in the World? In 2002, U.S….
Netflix Said to Be Rapidly Losing Support From Longtime Subscribers
Netflix Inc.’s troubles seem to be running deeper. The streaming giant is reportedly losing the support of its longtime subscribers as it tries to pull out all the stops to turn around its fortunes. What Happened Netflix subscribers who have been with the company for over three years made up 13 percent of those who…
Netflix Pays $59 Million to Settle Tax Dispute in Italy
MILAN—Netflix has agreed to pay more than 55.8 million euros ($59 million) to settle a tax dispute, Milan prosecutors said Friday. The payment covers taxes, penalties and interest from October 2015 through 2019. The streaming service also established an Italian legal entity this year, which will determine its Italian tax burden based on subscriptions to…
Netflix Shares Fall More Than 7 Percent After Data Shows Continued Losses of Long-Term Subscribers
Shares of Netflix fell more than 7 percent on May 18 after new data showed the streaming giant is losing long-term subscribers. The streaming giant, based in Los Gatos, California, said in April 2022 that it had lost 200,000 subscribers globally in the first three months of the year and warned investors that it expects to lose 2…
Netflix Lays Off About 150 Employees, Mostly in the US
May 19, 2022
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Netflix on Tuesday said it has laid off about 150 people, mostly in the United States, as the streaming service company faces slowing growth. The layoffs represent approximately 2 percent of the company’s workforce in the United States and Canada. “These changes are primarily driven by business needs rather than individual performance, which makes them…
Netflix Shareholders Sue Over Subscription Slump Disclosures
Netflix Inc. has been hit with a shareholder lawsuit in a U.S. court in California accusing the streaming entertainment company of misleading the market about its ability to keep adding subscribers in recent months. The lawsuit filed in San Francisco federal court on Tuesday seeks damages for declines in Netflix’s share price this year after…
Netflix Drops Development of Meghan Markle’s Animated Series, Citing ‘Strategic Decisions’
May 2, 2022
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Netflix said on Sunday that it has canceled the development of an animated series created by Meghan Markle as part of “strategic decisions” the streaming giant is making. A Netflix spokesperson confirmed the decision to CNBC, noting that “Pearl” was one of several projects to be dropped by the company. However, the California-headquartered streamer said it will continue…
UK to Regulate Streaming Platforms Such as Netflix, Amazon Prime Video
Global streaming giants such as Netflix, Apple TV+, and Amazon Prime Video will fall under the jurisdiction of the UK’s broadcasting regulator as the government seeks to update its regulatory framework. The Department for Digital, Culture, Media, and Sport (DCMS) said the move is to protect UK audiences from “harmful material” and to enable audiences to make…
Netflix’s Crash Triggers Concerns for Spotify Too
Netflix, Inc’s share price crash has pulled down other media stocks emulating the streaming giant’s moves. Spotify Technology S.A. valuation is also losing its mojo even before Netflix’s crash, the Financial Times wrote. Spotify’s market capitalization is about twice its 2021 revenue, while Netflix’s market cap is about three times its 2021 revenue. Spotify and Netflix, pioneers of streaming in…
Another High-tech Titan Falters
Commentary You’ve probably heard of the high-flying Big Tech FAANG stocks—Facebook, Amazon, Apple, Netflix, and Google. Among the five of them, their market cap reached $6 trillion last year, which is more than the GDP of all but a small handful of entire countries. Moreover, their net worth is larger than the entire annual output…
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