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Netflix shares sink to a two-year low as £10bn is wiped off the streaming giant after a weak ad forecast

Netflix shares are down 26% this year and set to erase about $17 billion in market value, with at least 14 brokerages cutting their price targets after the streaming giant slashed its advertising forecast.
Netflix shares are down 26% this year and set to erase about $17 billion in market value, with at least 14 brokerages cutting their price targets after the streaming giant slashed its advertising forecast.
Co-CEO Ted Sarandos admitted Netflix needs "better execution in the US" as the company also moves to cut around 1,000 jobs — roughly 6% of its workforce.
Co-CEO Ted Sarandos admitted Netflix needs "better execution in the US" as the company also moves to cut around 1,000 jobs — roughly 6% of its workforce.

Investors dumped the stock after Netflix cut its full-year advertising forecast and issued a tepid fourth-quarter profit outlook. Shares are down more than 26 per cent this year and 44 per cent over twelve months. At least 14 brokerages have slashed their price targets. Co-CEO Ted Sarandos insisted: 'There is no need for a fundamental shift in the strategy.'

Netflix cut about 6 per cent of its workforce and overhauled its leadership this month.

Chief content officer Bela Bajaria was ousted, and incoming Peter Rice was praised for 'talent relations'.

Co-CEO Greg Peters called the mass layoffs 'hard trade-offs' for 'long-term growth'.

MoreNY PostNetflix’s Wall Street slump continues following exec shuffle as jittery investors push stock to lowest price in 2 yearsReutersNetflix slides as weak profit, ad outlook intensify investor anxietyThe Hollywood ReporterNetflix Stock and Price Targets Drop as Wall Street Debates if the Streamer Can Flip the Script - The Hollywood ReporterDaily MailNetflix sees £10bn wiped off its value as sales growth slowsThe IndependentNetflix shares plunge as streaming giant suffers growth slowdown
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