Business · 29 minutes ago
Netflix shares drop nearly 5% as its advertising income grows slower than hoped
Photo by Thibault Penin on Unsplash
The streaming platform sacked 6% of its staff and brought in a new head of content to revive the business. On Wednesday, the company predicted a fourth straight quarter of slowing income as it battles cheaper videos on YouTube and TikTok. Over 20 financial firms downgraded their expectations for the shares, which could wipe around $13 billion from its total value.
Reported by Reuters · How we write briefs