Netflix turns to ads as subscriber slump sends shares plummeting Business

ggood morning.

Netflix is ​​tearing up all its old rules after a string of disastrous quarterly results cast doubt on its future prospects.

The streaming giant said it lost 200,000 subscribers in the first three months of the year – its first drop in more than a decade.

While its withdrawal from Russia led to the loss of 700,000 customers, it forecast another loss of 2 million subscribers in the three months to the end of June, fueling fears it may have already seen its best. days.

Shares of Netflix plunged 25% last night. If the decline continues today, the company will have lost around half its value so far this year, wiping out around $150bn (£115bn) of shareholder wealth in less than four months.

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4) Britain to suffer weakest growth in G7 as Sunak tax raid bites IMF warns UK will lag behind major rivals next year

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What happened overnight

Asian markets were largely flat Wednesday morning. In Tokyo, the Nikkei 225 opened slightly higher, supported by a cheaper yen, but the Hang Seng index in Hong Kong was slightly lower after being beaten by concerns over Chinese growth and Beijing’s crackdown on the sector. technology on Tuesday. Shanghai and Seoul were also down while Sydney, Jakarta and Taipei were slowly rising.

coming today

• Business : Oxford Biomedica, Wood Group (annual results); Bunzl, Carr’s Group, Centamin, CRH, Hunting, IntegraFin Holdings, Naked Wines, Petra Diamonds, Rio Tinto, QinetiQ Group, Quilter (commercial declarations)
• Economy: People’s Bank of China interest rate decision (China)industrial production (EU)trade balance (EU)