The streaming giant Netflix’s stock price fell by about 22% yesterday, shaving a huge chunk of its market value off. This is because the company admitted that other streaming services like Disney+ are slowing and halting its growth. This is the worst one day decline Netflix had since July 25, 2012, when shares fell 25%. This is also the worst week for Netflix since the week of July 27, 2012, when shares fell about 28%. Netflix did beat expectations on user numbers and earnings this quarter, and it met expectations for revenue, but the announcement about it’s growth seemed to scare investors. Netflix just recently increased its prices, and that was partially because of competition. The company’s market cap is now $176 billion, which is a huge drop from where it used to be. And it isn’t just Netflix stock falling, most of the stock market has been in a big decline lately. For example, Apple, which just hit a $3 trillion market cap recently, is now back down at $2.65 trillion.
