Why is Netflix Inc. (NFLX) Stock down?
Shares of Netflix, Inc. (NFLX) dropped by 3.27% from $385.95 to $373.32 in the trading on Tuesday, October 10, 2023. The reason why NFLX stock down is due to its decision to discontinue its free mobile plan in Kenya, where users could access 25% of its content without a subscription for the past two years. Instead, Netflix is introducing a £4.99 ($6.07) monthly subscription plan with ads. This change reflects a shift toward a revenue-centric strategy, and while it may increase paid subscriptions in the Europe, Middle East, and Africa (EMEA) region, it has raised concerns among investors about subscriber growth and competition for Netflix in the region.