Netflix cuts prices in some countries to boost subscriptions, shares drop

The Netflix logo is seen on a TV remote controller, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) -Netflix Inc said on Thursday it has cut prices of its subscription plans in some countries as the streaming giant looks to maintain subscriber growth amid stiff competition and strained consumer spending.

The stock fell nearly 5%, underperforming the broader market and on course for its worst day in more than two months.