- Shares of Netflix cratered more than 23% on Tuesday after the company reported a loss of 200,000 subscribers during the first quarter.
- It’s the first time the streamer has reported a subscriber loss in more than a decade.
- Netflix blamed increased competition, password sharing as well as inflation and the ongoing Russian invasion of Ukraine for the stagnant subscriber growth.
- For the current quarter, Netflix said it expected an even steeper decline in new users. The streamer said it sees subscribers declining by 2 million in the fiscal second quarter, whereas consensus analysts were looking for a gain of 2.4 million.
— Joe Weisenthal (@TheStalwart) April 19, 2022