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Netflix shares drop 26% after it loses 200K subscribers

Netflix
Posted at 2:42 PM, Apr 19, 2022
and last updated 2022-04-19 17:42:32-04

SAN FRANCISCO (AP) — Netflix suffered its first subscriber loss in more than a decade, causing its shares to plunge 26% in extended trading amid concerns that the pioneering streaming service may have already seen its best days.

The company’s customer base fell by 200,000 subscribers during the January-March period, according to a quarterly report released Tuesday.

It’s the first time that Netflix’s subscribers have fallen since the streaming service became available throughout most of the world outside of China six years ago.

Worse, Netflix is now projecting a loss of another 2 million subscribers during the April-June period.