Not only is Netflix losing subscribers, its shares are also now tanking as a result.
Netflix reported Tuesday that it lost 200,000 subscribers in its first quarter, making it the first time it lost subscribers in more than a decade.Netflix estimates it may lose another 2 million subscribers in the second quarter.
The streaming giant originally predicted it would add 2.5 million subscribers during the first quarter – and that was a modest estimate.Stock went down as much as 25% in after-hours trading after the report came out.Growth started slowing down in 2021.It also believes password sharing, slow economic growth, increasing inflation and even pulling out of Russia may be to blame for the subscriber loss.
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