Reed Hastings, co-CEO of Netflix, participates in the Milken Institute Global Conference on October 18, 2021 in Beverly Hills, California.
Patrick T. Fallon | AFP | Getty Images
Shares of Netflix cratered more than 23% on Tuesday after the company reported a loss of 200,000 subscribers during the first quarter. It’s the first time the streamer has reported a subscriber loss in more than a decade.
The company also said it expects the losses to continue, forecasting a global paid subscriber loss of 2 million for the second quarter.
Here are the key numbers:
- EPS: $3.53 vs $2.89, according to a Refinitiv survey of analysts.
- Revenue: $7.78 billion vs $7.93 billion, according to a Refinitiv survey of analysts.
- Global paid net subscriber additions: A loss of 200,000 compared with 2.73 million adds expected, according to StreetAccount estimates.
Netflix previously told shareholders it expected to add 2.5 million net subscribers during the first quarter. Analysts had predicted that number would be closer to 2.7 million. During the same period a year ago, Netflix added 3.98 million paid users.
The company said that the suspension of its service in Russia and the winding-down of all Russian paid memberships resulted in a loss of 700,000 subscribers. Excluding that impact, the company said it would have seen 500,000 net additions during the most recent quarter.
Investors’ hyper focus on new paying customers led Netflix shares to similarly plummet 20% after the company’s report in January. In addition to weaker-than-forecasted fourth-quarter subscriber gains, company executives at that time quietly admitted that competition from other streaming platforms was having a negative impact on its growth.
Netflix has increased its content spend, particularly on originals, amid intense competition in the streaming space. To pay for it, it’s hiked prices of its service. While the company is exploring other options for growth, like adding video games, analysts and investors are wondering what else Netflix can do to bolster revenue.
This is breaking news. Please check back for updates.
Netflix (NFLX) earnings Q1 2022 & More Sweden Latest News Update
Netflix (NFLX) earnings Q1 2022 & More Sweden Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Netflix (NFLX) earnings Q1 2022 & More Sweden Trending News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information breaking news today of this news, you can get other types of news along with your country and city. You will be able to get information related to, as well as you will be able to get information about what is going on around you through us for free
so that you can make yourself a knowledgeable by getting complete information about your country and state and information about news. Whatever is being given through us, I have tried to bring it to you through other websites, which you may like
very much and if you like all this news, then definitely around you. Along with the people of India, keep sharing such news necessary to your loved ones, let all the news influence them and they can move forward two steps further.
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links