Netflix Shares Slide as Goldman Downgrades on Grim Economic Picture

Netflix Shares Slide as Goldman Downgrades on Grim Economic Picture
A Netflix logo on a TV screen, ahead of a Swiss vote on a referendum called "Lex Netflix", in a photo illustration taken on May 9, 2022. Denis Balibouse/Reuters
Reuters
Updated:

Netflix Inc. shares fell 5 percent on Friday after Goldman Sachs downgraded the streaming pioneer over risks of slower consumer spending and tough competition from Amazon and Walt Disney Co.

In April, Netflix lost subscribers for the first time in more than a decade, signaling trouble ahead for the industry as rising prices of food and gas left people with little to spend on entertainment.