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Netflix has closed out its worst year in more than a decade, with its stock plunging more than 50 percent and wiping out a staggering $136 billion in market value.
For 2022, Netflix shares dropped 50.6 percent, the most the stock has declined on an annual basis since 2011. For the first time, the once-invincible company lost subscribers for two consecutive quarters, ushering in a period of painful belt-tightening that has included several hundred layoffs.
Netflix’s decline outpaced the Nasdaq, which was down 33.1 percent for the year.
The left-wing streamer, which continues to have a production deal with Barack and Michelle Obama, is being forced to try new ways to juice revenue. Netflix broke its promise to never have commercials by launching an ad-supported tier in a bid to tap into the advertising market in the face of uncertain subscriber growth.
