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Netflix stock is getting shredded — and Google's YouTube may be the reason
While Netflix (NFLX) execs sit in their ivory tower licking their wounds for not closing the deal for Warner Bros. (WBD) — which will now officially end up going to Paramount (PSKY) — investors are left with uncertainty on the streamer's future growth.
Netflix stock is down 11% in September, per Yahoo Finance AlphaSpace data, bringing the year-to-date drop to 23%. The S&P 500 (^GSPC) is up 13% on the year.
Although Wells Fargo's cautious comments on Netflix have gotten attention this week, it's a new note from HSBC of all places that we think is of greater concern to the remaining Netflix bulls.
"YouTube has been rapidly expanding its living room footprint, having captured a record 14.2% share of US TV time (+80bps year over year) this July," HSBC analyst Mohammed Khallouf wrote. "This momentum is increasingly coming at the direct expense of Netflix as its share fell to a multi-year low of 7.8% (-100bps year over year). YouTube has been benefiting, in our view, from a declining reception to NFLX's original content. Near-term recovery in engagement looks unlikely."
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