Netflix will stop reporting subscriber numbers next year. Here's why that's spooking Wall Street investors.
The stock fell as much as 9% on Friday following the news, which was revealed as part of the company's first quarter earnings report. It's a surprising announcement, especially for an industry that's historically tied company performance to subscriber gains or losses.
So far, the initiative has paid off, with the company adding 9.3 million subscribers in Q1 after 13 million subscribers were added in the fourth quarter."We do believe the lowest hanging fruit has already been captured," MoffettNathanson analyst Michael Nathanson wrote on Friday.
CFRA analyst Ken Leon disagreed with that position, saying he believes "Netflix made a mistake" by removing the data.
Subscriber Growth Subscriber Figures Password Sharing Wall Street Million Subscribers Michael Nathanson
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