Why Netflix Stock Pulled Back Today
Shares of Netflix (NASDAQ: NFLX) fell Thursday on reports that the streaming giant has been cutting prices in more than 30 countries outside of its core regions in North America and Western Europe. The stock closed the trading day down by 3.4% after having been down by more than 6% at one point during the session.
On Thursday, The Wall Street Journal reported that in the past few weeks, Netflix trimmed its prices in an array of nations in the Middle East, Eastern Europe, Latin America, and the Asia-Pacific region. The cuts are the latest sign of intensifying competition in the ever-expanding streaming sector.
The price cuts were imposed on specific subscription tiers. In some cases, Netflix cut its subscription prices by half.
Source Fool.com
