Why Netflix Stock Crashed and Burned Wednesday
Shares of Netflix (NASDAQ: NFLX) were going down in flames on Wednesday, plunging by as much as 39% in morning trading. As of 11:50 a.m. ET, the stock was still down by 36.9%.
The catalyst that sent the streaming pioneer lower was news that its subscriber count actually declined last quarter, the first time that's happened in more than a decade.
In the first quarter, Netflix generated revenue of $7.9 billion, up 9.8% year over year, while its earnings per share (EPS) declined by roughly 5.9% to $3.53.
Source Fool.com
