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Netflix Tumbles Midday as Verizon Gives Away Disney+

Investing.com

Investing.com - The streaming wars have begun and Netflix (NASDAQ:NFLX) is the first one to take a hit.

The streaming giant was down midday on Tuesday after Verizon (NYSE:VZ) said it is giving its unlimited wireless subscribers a year of Disney+ for free.

Netflix has been under pressure over the last few months due to increased competition from new streaming sites. The company reported strong results for its third quarter but more worrying was slowing subscriber growth in percentage terms, especially in the U.S.

Netflix tumbled 3.9%, while Walt Disney (NYSE:DIS) gained 1.9% and Verizon Communications (NYSE:VZ) inched up 0.4%.

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