Netflix, once a darling of Wall Street, is suddenly on the ropes

NEW YORK: Netflix, once a darling of Wall Street, is suddenly on the ropes, media reports said.

The streaming giant will report its second-quarter earnings on Tuesday, and it’s shaping up to be one of the most consequential moments in the 25-year history of the company, CNN reported.

Netflix is having a terrible year. In April, the company reported that it had lost subscribers in the first quarter of 2022 — the first time that had happened in any quarter for more than a decade. Netflix stock subsequently burst into flames, it’s currently down about 70 percent so far this year, wiping out billions of dollars in market value, and the company laid off hundreds of employees.