4/20, 3:38 PM (Source: TeleTrader)
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Netflix plunges over 30% as earnings miss estimates

The shares of Netflix Inc. sank over 31% at Wednesday's opening bell in New York following the company's first-quarter earnings results, marking the sharpest decline since October 2011.

In the release published yesterday, the American streaming giant revealed the number of paid memberships declined for the first time in over a decade, adding it is expected to drop further in the second trimester.

Netflix's stock plummeted 31.74% to sell for $238.08 per share and stand nearly 60% lower compared to the start of 2022.

Baha Breaking News (BBN) / ND