It's been a difficult week for Netflix as the streaming giant confirmed that they are losing subscribers. Interestingly, the revelation has led to the company's stock plummeting on the market. A report reveals that Netflix actually lost $17 billion in market value within 24 hours after the announcement.
The report comes from The Wrap, which reveals the streaming giant's stock slumped 10.3% to $325.21 per share on Thursday, July 18. This marks Netflix's worst single-day percentage drop in three years. It was further reported that the pricey hit in its market capitalization would be the biggest single-day drop in the company's history.
It's a shocking reveal but the numbers probably didn't affect Netflix that much. After all, the streaming service is still worth about $142 billion. However, this could change if the trend continues in the next two quarters of 2019.
So what are the chances that Netflix will continue to lose market value in the future? Enders Analysis senior research analyst Tom Harrington says that although the drop could be reason for concern, he also pointed out that it may have been "a minor blip" that will change when the service brings back its big hitters.
"In all likelihood there will be growth in the current quarter, with big returning original shows like Stranger Things, Orange Is the New Black, Money Heist and Mindhunter — something that "usually results in a boost," Harrington said.
There is hope that Netflix will gain new subscribers with the premiere of its new fantasy series The Witcher, which is being likened to Game of Thrones.
Related: The Witcher Showrunner Answers All Your Questions About The SDCC Trailer