Netflix lost 970,000 subscribers during the second quarter, performing better than its expectations of a 2 million loss, the company has disclosed
lost 970,000 subscribers during the second quarter, performing better than its expectations of a 2 million loss, the company disclosed on Tuesday.subscribers and spurred Wall Street and Hollywood to reevaluate the economics of the streaming business, the company warned that it expected to lose an additional 2 million subscribers during Q2. Though the quarter still ended with a net loss in subscribers, the streaming giant is projecting it will add 1 million subscribers in Q3.
Netflix now has a total of 220.67 million subscribers, a decrease from the 221.64 million reported at the end of Q1. Revenue hit $7.97 billion for the second quarter, representing a roughly 8 percent year-over-year growth.Netflix’s subscriber losses have been a major wake-up call for the company, which has long been known for its big budgets and lavish spending. In the aftermath of its Q1
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