Netflix falls nearly 7% after departure of comms chief

Monday, 25. June 2018 16:48

Netflix Inc. dropped to $383.15 per share in early trade on Monday, the lowest level since June 13, as traders cashed in on this year's surge in market value. The third consecutive session in the red brought a steeper fall following the resignation of company's chief communications officer Jonathan Friedland after seven years due to making "insensitive" comments, in his words.

The streaming giant was on the rise since the start of June, hitting record highs in nine out of 17 days. At 4:27 pm CET, Netflix sank 5.44% to $388.72 per share. It rose almost 104% since the start of the year, compared to an increase of just 10.72% in the benchmark Nasdaq 100 index, which indicates traders turned to profit taking.

Also, ProSiebenSat.1 and Discovery announced on Monday that they wil be joining forces in building a new streaming platform in Germany to enhance customer experience. The platform will integrate 7TV, maxdome, and Eurosport Player in one place, which will make for a comprehensive OTT platform in Germany bringing live streams, a media library, Hollywood, and high quality sports content together.

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Breaking the News / SS