Netflix loses $50 billion in market cap in just 24 hours after reporting its first loss of subscribers in 10 years.

The streaming platform reported a loss of 200,000 subscribers compared to the previous quarter, with even bigger losses yet to come – it’s anticipated Netflix could lose up to two million subscribers in the second quarter.

While still a titan of home entertainment – and perhaps still the most ubiquitous – Netflix’s dominance has been diluted by competitors such as Disney+ and Amazon Prime, not to mention the recent price hike and Russian sanctions.

As a result of the news, shares in Netflix dropped by 35 percent, down 62.5 percent year-to-date, making it the worst-performing stock of the year in the S&P 500, BBC News reports.

For example, William Ackman – considered to be a reputable American financier – ditched his $1.1 billion (£840 million) investment in Netflix, even taking a loss of more than $400 million (£306m).

This slump cause Netflix to wipe more than $50 billion (£38bn) off its market cap, with investors on Wall Street concerned over its long-term potential given that it’s a household name and still experiencing such massive losses.

In a note to its shareholders, Netflix wrote: “Our revenue growth has slowed considerably as our results and forecast below show. Streaming is winning over linear, as we predicted, and Netflix titles are very popular globally.