Netflix’s bad year just got worse.
After shares tanked earlier this year because of concerns over its subscriber growth, the streaming leader said that it lost subscribers when it reported first quarter earnings on Tuesday.
Netflix now has 221.6 million subscribers globally. It lost 200,000 subscribers in the first quarter of 2022, the company reported on Tuesday. The service was expected to add 2.5 million subscribers.
The company also said that it expects to lose another 2 million subscribers in the second quarter of 2022.
The report sent the stock down as much as 23% in after hours trading.
Netflix’s fourth quarter profit was $1.5 billion, up from $1.7 billion in the year-earlier quarter. Revenue jumped 9.8%, to $7.8 billion.
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