Netflix plunges after the streaming giant launches a wave of price cuts in 100 countries in the face of stiff competition

• Netflix stock dropped 5% on Thursday after a WSJ report said the company was cutting its prices across more than 100 countries.
• The price cuts come as Netflix faces a surge in competition from various streaming platforms.
• Netflix's price cuts buck its recent trend of hiking subscription prices in the US and Europe.

Netflix stock dropped as much as 5% on Thursday after the Wall Street Journal reported that the streaming company was cutting its subscription prices in more than 100 countries.