Netflix continues to only compete against itself.
After being unofficially crowned the winner of the streaming wars, it now has to face a more daunting adversary: Wall Street expectations. Netflix has overcome much worse before in the recent past. Look no further than its disastrous earnings in April 2022, when it reported a decline in subscribers for the first time in 10 years and sparked a stock rout that wiped $50 billion off its market cap in a single day. That led at least nine firms to downgrade Netflix’s stock, only for it to be praised as the dominant streamer by the turn of this new year.
