Why Netflix Stock Lost 17% in June
Yahoo Finance ·
Shares of Netflix ( NFLX +0.31% ) were drifting lower last month, continuing a broader pullback this year. While there was no major news out on the leading streamer, skepticism about its business strategy at a time when its core markets are maturing seemed to push the stock lower. Semafor reported that the company had bid on Roku , which agreed to be acquired by Fox , and that it was interested in buying Lionsgate , following Warner Bros. Discovery's decision to sell itself to Paramount Skydance instead of Netflix. Additionally, Reed Hastings, the co-founder and longtime CEO of the company, stepped down from the board at the beginning of the month. Hastings had announced that decision in April, but his departure may have influenced some investors, as he now has no official role in the company.
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