Netflix is expanding its push into mobile gaming.
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NetflixShares have now given up all of its pandemic gains.
On Monday, the streaming service’s shares fell more than 2% to about $332 per share, a 52-week low. This is down more than 50% from the company’s 52-week high of $700.99, which it hit in mid-November.
The last time the stock sold for around $332 a pop store was March 20, 2020, just as the pandemic lockdowns were being implemented.
Netflix has seen significant gains in 2020 and 2021 as consumers are stuck at home under various restrictions. However, as the duties dissipate, consumers are turning towards out-of-home entertainment such as movie theaters, restaurants, and theme parks.
The company is also facing increased competition from other companies as Apple and Disneythis is pulling viewers away from Netflix content.
Netflix Stocks fell sharply in January after forecasting only 2.5 million new net subscribers for next quarter. Its 8.3 million additions in Q4 were slightly below its own forecast of 8.5 million.
Pressure from competition and weak subscriber growth coupled with increasing production costs has kept Netflix price increase in North America earlier this year. The monthly cost for the basic plan has increased by $1 to $9.99, the standard plan has gone up from $13.99 to $15.49, and the premium plan has gone from $17.99 to $19, 99 dollars.
This is a breaking news story. Please check back for updates.
