Netflix stock drops 1.75% as $2 billion is wiped off value

Netflix suffered a blow to its stock price following a ‘technical issue’ which left fans waiting hours for a highly-anticipated Love Is Blind live reunion. 

The streaming giant was down as much as 2.4% to $330.57 at 3:25 p.m. in New York. The stock crept back up to close at $332.72, but was still down 1.75%. The company’s market cap fell from $150.81 billion to $148.18 billion.

It comes after the streaming giant was forced to issue an apology to subscribers after the ‘live’ reunion for the popular reality TV show was delayed on Sunday night. 

The dip in its price comes ahead of the publication of its first quarter results on Tuesday, following a crackdown on password sharing and the launch of a cheaper ad-supported subscription plan last year. 

The streaming giant was down as much as 2.4% to $330.57 at 3:25 p.m. in New York after falling 2% in pre-market trading on Monday. The stock crept back up to close at $332.72 in New York, but was still down 1.75%. The company’s market cap fell from $150.81 billion to $148.18 billion

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Netflix was down 2.4% to $330.57 at 3:25 p.m. in New York, according to Bloomberg 

It will be the first quarterly results since Netflix founder Reed Hastings quit as co-CEO in January. 

Hastings moved into the role of chairman just as the company announced it had gained more than 7 million new subscribers with its lower-cost tier. 

Love Is Blind is a reality TV show where couples pair up and get engaged before ever meeting in person – they are only able to speak without seeing each other. 

The reunion episode was scheduled to start at 8 p.m. ET and be hosted by Love is Blind emcees Nick and Vanessa Lachey, but instead it led viewers only to a screen that says: ‘There’s an issue with the live stream.’

‘Hang tight! We’re trying to fix it as soon as possible,’ the message continued.

At around 9:30 p.m., Netflix tweeted out a statement: ‘To everyone who stayed up late, woke up early, gave up their Sunday afternoon… we are incredibly sorry that the Love is Blind Live Reunion did not turn out as we had planned,’ they tweeted.

‘We’re filming it now and we’ll have it on Netflix as soon as humanly possible. Again, thank you and sorry.’

Host Vanessa Lachey posted to Instagram as the delay was going on, bragging to the audience that ‘apparently y’all, everybody broke the internet to see this reunion!’ 

The show finally started just after 9:15 p.m. with Lachey apologizing to viewers and admitting the show was now airing in a live-to-tape format. 

For those who could not access the show Sunday night, Netflix posted the episode at 3 p.m. ET on Monday. 

Netflix subscribers took to social media to express their outrage after the live Love is Blind reunion special – only the second live event in the service’s history – had been delayed well over an hour

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Vanessa Lachey posted to Instagram as the delay was going on, saying to the audience that ‘apparently y’all, everybody broke the internet to see this reunion!’

The technical issues were a high-profile flop for the company, which is attempting to experiment with live programming. 

The only previous live streaming event in Netflix’s history was Chris Rock’s comedy special, Selective Outrage, which aired without a hitch on March 4. 

The delay caused outrage online, with thousands taking to social media to express their dismay at the mishap. 

The streaming giant had been promoting the reunion special for over two weeks, especially hyping the hoped for live element.

‘Save the date for this can’t miss LIVE reunion special,’ it said in a press release April 4.