Less than a year ago, Netflix (NASDAQ: NFLX) stock was trading at all-time highs. But as technology stocks have entered a mode of valuation reset fueled by consumer concerns over inflation, the streaming pioneer's stock has flipped upside down. With shares cratering nearly 60% year to date, executives at Netflix have begun to explore new avenues for growth -- namely additional revenue drivers in the form of advertising and strategic alliances.

However, there are arguments to be made that Netflix is an attractive buy at its current valuation. Let's explore how Netflix might attempt to recapture its audience, and whether the stock looks like a good long-term buy.

On a year-to-date basis, Netflix's results have been mixed. In its first-quarter 2022 earnings release, investors learned that the company lost around 200,000 subscribers. While this appears alarming on the surface, management explained that the company suspended its services in Russia due to the ongoing war with Ukraine. If investors normalized subscriber metrics to account for this decision, then paid memberships actually would have increased by 500,000.

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Source Fool.com