Netflix reports a drop in its subscriber count during the first quarter for the first time in a decade thanks to the suspension of the service in Russia.
about the video streamer's first-quarter earnings. For the first time in over a decade, the company reported a quarterly loss in the number of subscribers which totaled about 200,000 users. Netflix blamed the drop on password sharing, increased competition, inflation, and the Russian invasion of Ukraine.
Netflix pointed out that there is plenty of growth potential ahead as half of the world's broadband users still do not have a Netflix account. As the company stated,"while hundreds of millions of homes pay for Netflix, well over half of the world’s broadband homes don’t yet, representing huge future growth potential."
The number of global streaming paid memberships declined from 221,840,000 to 221,640,000 from the 4th quarter of 2021 to the first quarter of 2022. Wall Street was expecting a 2.7 million increase in subscribers. The suspension of Netflix's streaming service in Russia cost Netflix 700,000 subscribers. If not for that activity, Netflix would have reported an increase of 500,000 subscribers during the quarter.
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