Netflix‘s stock has now given up all its pandemic gains.
On Monday, the streaming service’s shares fell more than 2% to around $332 a share, a 52-week low. That’s more than 50% down from the company’s 52-week high of $700.99, which it hit in mid-November.
The last time shares sold for around $332 a pop was March 20, 2020, just as pandemic lockdowns were being put in place.
Netflix saw significant gains during in 2020 and 2021 as consumers were stuck at home under these restrictions. However, as these mandates dissipate, consumers are gravitating toward out-of-home entertainment like movie theaters, restaurants and theme parks.
The company is also facing increased competition from other companies like Apple and Disney, which are pulling viewers away from Netflix content.
This is a breaking news story. Please check back for updates.
Leave a Reply