Netflix‘s stock has now given up all its pandemic gains.
On Monday, the streaming service’s shares fell more than 2% to around $332 each, a 52-week low. That’s more than 50% down from the company’s 52-week high of $700.99, which it hit in mid-November.
The last time shares sold for around $332 a pop was March 20, 2020, just as pandemic lockdowns were being put in place.
Netflix saw significant gains during in 2020 and 2021 as consumers were stuck at home under various restrictions. However, as the mandates dissipate, consumers are gravitating toward out-of-home entertainment like movie theaters, restaurants and theme parks.
Netflix shares plummeted in January after it forecasted just 2.5 million new net subscribers for next quarter. Its 8.3 million adds in the fourth quarter were slightly under its own forecast of 8.5 million.
Pressure from competition and less robust subscriber growth coupled with growing production costs led Netflix to raise prices in North America earlier this year. The monthly cost for its basic plan rose $1 to $9.99, the standard plan jumped from $13.99 to $15.49 and the premium plan rose from $17.99 to $19.99.
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