UPDATED: Netflix stock fell almost 3% Monday, continuing the downward trend it’s been experiencing since the streaming giant reported last week it had ended 2021 with slightly lower-than-expected subscriber gains and anticipated a weak start to Q1.
The streamer’s stock opened Monday at $383.91 per share, down from $397.50 at close last Friday. Netflix’s price fell to its lowest point of the day — and over the past year — around 11:45 a.m. ET, when it hit $351.46. After the bell Monday, Netflix stock had rebounded to $387.15 per share, -2.6% from its Friday endpoint.
Netflix did not immediately respond to Variety‘s request for comment on the company’s stock trends Monday.
Last Thursday, Netflix reported a net gain of 8.28 million subscribers for Q4, again driven by markets outside North America, to reach 221.8 million total worldwide. Netflix previously forecast 8.5 million paid net adds while Wall Street analysts expected 8.3 million, according to FactSet.
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Netflix shares fell more than 20% in after-hours trading Thursday, as the company forecast 2.5 million net subscriber adds for the first quarter of 2022. For Q1, Wall Street analysts had been projecting a gain of 7.25 million subscribers, per FactSet.
Investors also likely were spooked by the fact that Netflix admitted in its quarterly letter to shareholders that stepped-up competition in the streaming wars “may be affecting our marginal growth some.”
Netflix’s disappointing earnings report came on the heels of its Jan. 14 announcement that the platform is hiking prices in the U.S. and Canada — a move that will boost revenue but likely result in higher cancellation rates in its most mature and slowest-growing region. For American subs, the standard two-stream HD plan is going up $1.50 (about 11%) from $13.99 to $15.49/month. It marks Netflix’s third price increase in as many years.