Published Jul 24, 2019It may be boiling hot outside, but people are still glued to their screens streaming Netflix. Despite the addiction, however, the streaming service has been hemorrhaging market value. Following a report that it lost $17 billion USD in value last week, the company's worth has plunged even further.
Netflix's shares are down nearly 20 percent, which translates to a loss of $26 billion USD in market value, Forbes reports. Further, Netflix founder Reed Hastings has seen his personal net worth drop by $850 million USD, meaning he's now only worth $3.4 billion USD. Poor guy.
The drop took place after the streaming hub announced it had added only 2.7 million subscribers internationally in the most recent quarter. Netflix had previously estimated it would add 5 million subscribers worldwide.
Netflix still estimates that it will have a much stronger third quarter, estimating 7 million paid net adds and a revenue of $5.25 billion.