Netflix has lost subscribers for the first time in 11 years and its stock is currently plummeting.
Netflix today reported disappointing Q1 results and subscription growth has dropped. The company lost 203,000 paid subscribers across its three most important worldwide regions, including the United States, EMEA, and Latin America.
Netflix now has 221.6 million active subscribers, down from the 221.8 million reported in Q4 2021, which was also a miss. The company attributes the loss to factors like account sharing, economical issues, COVID-19 disruptions, and worldwide problems like the war in Ukraine.
The streamer expects to lose another 2 million subscribers next quarter, dropping total subscribers to 219.6 million, management has said. Netflix's stock has dropped by over 25% in after-hours trading from $348.42 to $259.48 per share.
Despite the subscription miss, revenues are at an all-time high of $7.868 billion.
- > NEXT STORY: AYANEO teases world's thinnest OLED Windows handheld gaming console
- < PREVIOUS STORY: Xenoblade Chronicles 3 release date moved up by two months