Netflix selloff is latest in Wall St retreat from streaming

FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri

(Reuters) - The collapse of Netflix's stock on Wednesday after the company reported its first loss of customers in a decade is the latest drastic sign that Wall Street is abandoning streaming services and other pandemic winners and questioning whether they still merit growth stock valuations.

With Netflix shares tumbling 37% after the entertainment heavyweight's disastrous quarterly report late on Tuesday, its stock market value has now fallen by two thirds from its peak of over $300 billion late last year.