Netflix Inc is getting dangerously close to a financial disaster. According to new reports out Wednesday morning, the U.S streaming giant is still facing some hefty troubles just weeks after it posted a monster loss in subscribers. The company has now lost more thn 70% of its face value since its major tumble. In one day back in April the company posted a $54B loss.
Last month the CA based company laid off more than 150 staff and dozens more animators and contractors as it sought to downsize amid soaring losses. Netflix was one of the first hit when restrictions lifted as many stopped bothering to watch “television” at all once outside opened back up. Executives at the time had revealed that they expect to lose more than 2m subs as the second quarter of the year continues to roll in.