Netflix Is Down 50% From Its High. Time to Buy?
Netflix (NASDAQ: NFLX) started 2022 strong; the streaming company's share price was hovering around $590, thanks in part to a rapid rise in sign-ups over the worst months of the pandemic. But just a few weeks later, investors began to pull away from the company, and the migration became somewhat of an exodus when the streamer announced in April 2022 that it had lost subscribers for the first time in over a decade.
With the year nearing a close, Netflix's stock is down approximately 50%, trading at roughly $290. But the streamer is pursuing some interesting strategies that could show promise in 2023 and beyond.
Netflix rolled out a $6.99 per month ad-supported tier in early November 2022. Dubbed Basics with Ads, the plan is ostensibly aimed at those who don't mind marketing messages if it means they can get access to most of Netflix's library of shows and movies. And according to some reports, the streamer expects it will attract about 40 million customers by the end of 2023.
Source Fool.com
