Netflix Stock Crashes to Three-Year Low on ‘Shocking’ Subscriber Miss

Netflix has opened an office in Italy and unveiled a huge slate of scripted and unscripted series and films from many of the country’s biggest producers, with Co-CEO Reed Hastings detailing the streamer’s roots in the nation.

Nick Vivarelli International CorrespondentNetflix on Friday officially opened its Italian base in Rome, in a classy neoclassical building near the iconic Via Veneto, and announced a substantial slate of originals that stand as testament to what co-CEO Reed Hastings called the streaming giant’s “growing business in Italy.”“The breadth and variety of our Italian slate perfectly represents our ambitions,” said Hastings, who took the stage at the presentation’s conclusion. Hastings took the opportunity to note how pleased he is that Paolo Sorrentino’s “The Hand of God,” which Netflix produced, scooped top honors at Italy’s David di Donatello Awards, the country’s top film prizes, earlier this week.Netflix’s new Italian slate is headlined by a high-end English-language series adaptation of “The Leopard,” the classic Sicily-set novel by Giuseppe Tomasi di Lampedusa.

Matt Blank, interim CEO of AMC Networks, said the company has “no plans” for ad-supported tiers of its family of targeted streaming services including Shudder, Acorn TV and AMC+.

A Netflix shareholder has sued the streamer for violating securities law after slowing subscriber growth led to a sharp decline in the company’s stock price.

Todd Spangler NY Digital EditorNetflix misled investors about declining subscriber growth over the course of six months — leading to a massive drop in its stock price, according to a shareholder lawsuit.The lawsuit, filed Tuesday in federal district court in San Francisco, alleges Netflix violated U.S. securities laws by making “materially false and/or misleading statements” and also because it “failed to disclose material adverse facts about the company’s business, operations, and prospects.”Last month, Netflix reported a net loss of 200,000 subscribers in the first three months of 2022 and forecast a decline of another 2 million in Q2, citing various challenges including password-sharing behavior among some 100 million households that do not pay for the service.

Space Force has been cancelled by Netflix after two seasons.The streaming platform announced that the Steve Carell-led comedy series, which he co-created with The Office showrunner Greg Daniels, will not be returning for a third run of episodes.This comes just two and a half months after the release of the second season, which has received middling to negative reviews from critics.A parody of ex-president Donald Trump’s genuine desire to establish a Space Force as the sixth branch of the US military, Space Force centres on the everyday failings and absurd antics of General Mark R. Naird (Carell) and his team as they launch various space-related operations.Alongside Carell, the show starred John Malkovich, Ben Schwartz, Tawny Newsome, Jimmy O.

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David Zaslav and Endeavor’s Ari Emanuel scored nine-figure compensation packages, a Day-Glo illustration of the lengths that board rooms go to reward the men (and it is exclusively men) at the top. Those gaudy figures came largely in the form of stock options, which means the take-home pay could shrink if the market takes a nosedive, but both men are still among the most richly remunerated in this or any industry.

Netflix subscribers in the UK share passwords between friends and family, according to research.As reported by research firm Digital i (via the Guardian), it’s estimated at least 27 per cent of Netflix’s 14.9million subscribers in the UK, over four million accounts, share their accounts with other households. It’s believed the real figure, however, could be higher.Ali Vahdati, Digital i chief executive, said: “Our estimates came from analysing account activity, and we corroborated this with various other sources.

Johnny Depp’s love life is currently hitting the headlines as his relationship with his ex-wife Amber Heard is unpicked in court. The pair are currently going through an explosive defamation trial in Virginia which Johnny, 58, filed against Amber, 35, as a result of her penning a Washington Post op-ed about experiencing domestic violence.

was wiped out Wednesday.Netflix stock dropped to $215.50 per share in early Thursday trading, a more than 5% loss on the day.

Todd Spangler NY Digital EditorAmid the massive sell-off in Netflix stock triggered by the streamer’s Q1 stumble, billionaire hedge fund manager Bill Ackman liquidated his entire holdings in the company citing new uncertainty about Netflix’s long-term business.Ackman’s Pershing Square Capital Management had acquired about 3.1 million Netflix shares in January. On Thursday, the firm sold that stake — resulting in about a $400 million loss on the investment.In a letter to Pershing shareholders, Ackman cited Netflix’s plans to adopt a lower-cost, ad-supported streaming plan and to try to monetize on password-sharing users as introducing new X-factors that threw off his original analysis of the company’s prospects.

Bill Ackman’s Pershing Square Holdings, which made a high-profile purchase of Netflix shares in January after a dip in the stock price, said it sold the stake today, having “lost confidence in our ability to predict the company’s future prospects with a sufficient degree of certainty.”

If you're still watching Netflix on your ex's roommate's account, that access may not last much longer: Netflix is considering cracking down on password sharing, according to a report from the Associated Press. The streaming platform may also add a new, lower-cost subscription tier supported by ads, similar to its rival Hulu's.

Jennifer Maas TV Business WriterThe finale of CNN+’s “Land of the Giants: Titans of Tech,” titled “The Netflix Effect,” launches Thursday, perfect timing for an entertainment industry that is both reeling amid Netflix’s shocking Q1 subscriber miss, poor second-quarter outlook and the wait to see if CNN+ can find its groove as quickly as it might need to in order to survive.Based on the “Land of the Giants” podcast from Vox Media’s Recode, the CNN+ docuseries explores the complicated histories of Meta (a.k.a. Facebook), Apple, Amazon, Google and now Netflix.

Zack Sharf Elon Musk weighed in on Netflix’s subscriber loss in the first quarter of 2022 by claiming “the woke mind virus” is making the streaming platform “unwatchable.” Netflix announced April 19 that it had lost 200,000 subscribers, marking the first time in 10 years the streamer has reported a loss in subscribers. Following the news, Netflix’s stock crashed to a four-year low.While Musk did not detail why Netflix shows are contributing to “the woke mind virus” that’s killing the streaming giant, he did agree with one follower who claimed that the “woke mind virus is the biggest threat to the civilization.” Musk replied, “Yes.”Another follower wrote to Musk, “It’s not just Netflix.

Netflix stock is tanking because the “woke mind virus” has made its programming “unwatchable.”Netflix stock took a 25% nosedive this week after reporting its first loss of subscribers in a decade, according to its first-quarter earning report released Tuesday. The stock plunged about 24% in after-hours trading as investors were alarmed by the unexpected loss of customers, and a projection by Netflix that much more is in store.Subscriber losses were blamed on a host of things — widespread password sharing, inflation, the loss of 700,000 accounts disabled in Russia, to name a few — but the Tesla and SpaceX founder, who wants to add “Twitter owner” to his long resume — had a much simpler theory: Netflix’s “woke” programming is turning people off in droves.“The woke mind virus is making Netflix unwatchable,” Musk tweeted in response to a report on the stock dip.The woke mind virus is making Netflix unwatchableTo be fair, Musk indicated that the ideological contagion theory applies to more than just the world’s largest streaming service.

Netflix stock crashed at the market opening today, down by 35%, shedding well over $50 billion in market value after its latest earnings and commentary late Tuesday spooked investors.