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Evening Standard
Evening Standard
Business
Simon Hunt

Netflix loses $47 billion in value as stock plunges 30%

Netflix Reed Hastings Russ Mould

Netflix’s withdrawal from Russia resulted in a loss of 700,000 customers.

(Picture: AP)

Netflix had $47 billion wiped off its value in the opening minutes of trading in New York after reporting quarterly numbers that fell well short of investor hopes last night.

The streaming giant reported a drop in subscribers for the first time in a decade, causing shares to plunge 30%.

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