, which had lost $24 billion in value during nine consecutive trading days of decline, bounced back with a 3.5% gain on Wednesday.
The stock closed at $317.94 on trading volume nearly twice the average level. The nine-session slump has been the longest losing streak for the company in five years. Netflix has seen its shares battered after last week’s second-quarter earnings report, which showed a small decline in U.S. subscribers and a global subscriber tally millions lower than company and Wall Street estimates.
The quarterly numbers rekindled a media narrative that the company is, among other things, vulnerable to competition, overspends on programming, has a negative cash flow and has raised its prices too aggressively. Wall Street analysts, on the other hand, largely stuck by the company and meany long-term bulls reaffirmed their positive ratings on the company’s shares.coming onto the platform just after the June 30 end of the quarter.
Thank you ava - netflix
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