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The company's cash burn will stretch into 2021, according to JPMorgan analyst Stephen Tusa, a long-term GE bear.
Netflix on Friday was under pressure for a third straight session, down as much as 7.3%, and on track for its lowest close since January.
Netflix issued Monday a new $2 billion junk bond to fund its cash-burning content business. Shares dropped 1.26% on the news.
Netflix posted Tuesday third-quarter earnings and subscriber growth that topped expectations. But Wedbush analyst Michael Pachter, a long-time Netflix bear, cautioned that the company's content acquisition spending will trigger substantial cash burn for many years.
Netflix has spent over $30 billion on content since 2014 — over a third of it in the last year alone
Netflix's shared its Q2 earnings results on Monday, reporting subscriber growth that missed the mark by a little over a million. The stock price tumbled as some investors got worried.