![]() “The NFLX flywheel has slowed substantially, and it will take time to get it going again, which is likely to create substantial uncertainty around the name for at least the balance of ’22.” The Netflix Q1 report exacerbates investor concerns that “streaming appears nearly fully penetrated globally post-COVID,” the analyst added. “After what can only be called a shocking 1Q subscriber miss and weak subscriber and financial guidance we reduced our subscriber forecasts and pushed back our profitability forecasts substantially,” Wlodarczak wrote in a note to clients. And we’re super focused on achieving those objectives and getting back into our investors’ good graces.”Ĭlick here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial and investment news, and more.Īfter the earnings misfire, Pivotal Research Group analyst Jeff Wlodarczak cut his rating on the stock to from “buy” to “sell” and chopped his 12-month price target by almost 60%, to $235 per share. “But internally, we’re really geared up, and this is like our moment to shine. “I know it’s disappointing for investors, and it is for sure,” Hastings said on Netflix’s Q1 video interview Tuesday. To try to right the ship, Netflix is aiming to convert freeloading password-users into subscribers and to roll out a lower-cost, ad-supported tier over the next two years. Among other factors, co-CEO Reed Hastings blamed the subscriber shrinkage on “great competition” and the company’s estimate that more than 100 million households are streaming the service using a shared password without paying for it.
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