The streaming giant said it expects to lose a net 2 million more subscribers this quarter. CEO Reed Hastings says Netflix is exploring an ad-supported subscription tier. Read More...
Associated Press
Netflix shares drop 26% after it loses 200K subscribers
Netflix suffered its first subscriber loss in more than a decade, causing its shares to plunge 25% in extended trading amid concerns that the pioneering streaming service may have already seen its best days. The company’s customer base fell by 200,000 subscribers during the January-March period, according to its quarterly earnings report released Tuesday It’s the first time that Netflix’s subscribers have fallen since the streaming service became available throughout most of the world outside of China six years ago. The drop this year stemmed in part from Netflix’s decision to withdraw from Russia to protest the war against Ukraine, resulting in a loss of 700,00 subscribers.
