Netflix Blames You for Its Stock Problems, but the Real Problem Is Netflix

Home Technology Netflix Blames You for Its Stock Problems, but the Real Problem Is Netflix
Netflix Blames You for Its Stock Problems, but the Real Problem Is Netflix
Netflix co-CEO Reed Hastings gestures to a screen behind him with the Netflix logo.
Netflix co-CEO Reed Hastings has long been the biggest evangelist for the platform, though now he’s effectively blamed user password sharing and competition for the company’s declining fortunes.
Photo: Britta Pedersen/picture-alliance/dpa (AP)

Netflix’s stock price fell so fast last month it made the Wile E. Coyote whistle sound effect of a bomb plummeting to earth.

The company blamed its subscribers—the password sharers and exiled Russians, specifically—as a big reason for the drop. Analysts and company critics who spoke to Gizmodo told a different story, though, one of how a company that accrued large amounts of debt to finance its dominance could no longer support itself when subscriber numbers at last began to ebb.

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