Shares of video streaming platform Netflix plunged on April 20 after it announced it lost subscribers for the first time in over a decade, attracting downgrades from multiple investment firms.
Netflix announced on Tuesday that it had lost 200,000 members internationally in the first quarter of the year, the first time there has been a subscription loss since October 2011. The company had earlier predicted that it would add 2.5 million paying customers for the current quarter. But it now expects to lose two million customers during the period.
Shares fell by 35 percent on Wednesday, wiping off over $50 billion in market cap. Netflix is now the stock with the worst performance this year in the S&P 500 following a decline of 62.5 percent.
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