Netflix loses subscribers for the first time in 11 years

Netflix has lost subscribers for the first time in 11 years, causing company stock to dip by over 25% in after-hours trading.

@DeekeTweak
Published Tue, Apr 19 2022 4:46 PM CDT   |   Updated Wed, May 11 2022 8:33 AM CDT

Netflix has lost subscribers for the first time in 11 years and its stock is currently plummeting.

Netflix loses subscribers for the first time in 11 years 32 | TweakTown.com
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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 loses subscribers for the first time in 11 years 31 | TweakTown.com

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.

Netflix loses subscribers for the first time in 11 years 35 | TweakTown.com

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.

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Derek joined the TweakTown team in 2015 and has since reviewed and played 1000s of hours of new games. Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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