Netflix shares drops more than 30 percent: Check Reason

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Netflix shares drops more than 30 percent: Check Reason

Netflix shares drops more than 30 percent: Check Reason

Netflix stock dropped more than 30% early Wednesday after the streaming business announced a drop in subscribers for the first time in a decade.

For the second quarter in a row, the streaming behemoth caught Wall Street by surprise by announcing a loss in subscribers for the first time in a decade.

The company blamed the quarter-over-quarter decline on the suspension of its service in Russia as a result of Moscow's invasion of Ukraine. The dip in share price was similar to the previous quarter when a weak subscriber outlook sent Netflix shares falling.

The Nasdaq, which was down 0.7 percent at 13,522.73, was particularly impacted by Netflix's decline.

The Dow Jones Industrial Average gained 0.5 percent to 35,084.97 about 25 minutes into trading, while the broad-based S&P 500 gained less than 0.1 percent to 4,464.19.

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