Netflix Shares Down 11 Percent During Thursday Trading
The streaming movie service is facing increased pressure from competitors such as Amazon.
Shares of Netflix stock were taking another beating during afternoon trading on Thursday, with the price down 11.4 percent to $112.62. The company's stock is currently down 62 percent from its all-time high in July of this year.
The slump is the latest bad news for the DVD by mail and online streaming movie service, which has weathered much criticism after first raising its prices, then splitting the company in two.
Analysts point out the increasing pressure in the streaming entertainment marketplace, which was joined on Wednesday by Amazon, which unveiled a low-cost tablet device called the Kindle Fire. The company already offers its own streaming videos through its website.
Bloomberg reported Thursday that Microsoft was also about to announce a leap into the streaming entertainment marketplace by offering pay television service from Comcast and Verizon through its Xbox Live network.