Netflix lost 200,000 subscribers in the first quarter after it was expected to add 2.5 million. The company's stock sank in after-hours trading.
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, and it said it expects to lose another 2 million subscribers in the second quarter of 2022.
The company also blamed"macro factors" that are affecting many companies right now, such as"sluggish economic growth, increasing inflation, geopolitical events such as Russia's invasion of Ukraine, and some continued disruption from COVID are likely having an impact as well."Netflix said that pulling out of Russia cost the company 700,000 subscribers.
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