Cathie Wood's Ark bought the dip in Netflix as disappointing earnings erased $20 billion in the streaming giant's market cap in just one day

• Cathie Wood bought the dip in Netflix on Wednesday as disappointing first quarter earrings weighed on the company's stock.
• Wood's Ark Next Generation Internet ETF and Space ETF added shares of Netflix.
• Netflix tumbled 8.3% Wednesday after adding fewer subscribers than expected in the first quarter.

Cathie Wood bought the dip in Netflix on Wednesday as disappointing first quarter earrings erased $20 billion from the streaming giant's market capitalization.

Wood's Ark Next Generation Internet ETF purchased 53,667 shares of Netflix, bringing the fund's total holdings of the streaming giant to over $92 million as of Thursday morning.

Wood also added 5,214 shares of Netflix to the Ark Space Exploration and Innovation ETF. The space-focused exchange-traded fund now owns 24,480 shares of Netflix worth over $12 million. The streaming giant has a 1.8% weight in the fund.

On Wednesday Netflix tumbled 8.3% to as low as $503 a share after the company added fewer subscribers than expected last quarter, and warned of further weakness. Shares of the streaming giant continued to slide Thursday, falling 1.6% to as $500.55.

In the first quarter of 2021, Netflix added fewer than 4 million subscribers - less than half the 8.5 million it signed up in the preceding quarter, and a quarter of the almost 16 million it attracted in the first quarter of 2020.

Despite lackluster subscriber growth, Netflix grew revenue by 24% year-on-year to $7.2 billion last quarter, and scored a 140% increase in net income to $1.7 billion.

Netflix is down roughly 7% year-to-date.