Netflix Q1 EPS $3.53 vs. $2.89 Est.; Q1 Revs. $7.87B vs. $7.93B Est. Stock is down -20% AH

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by Tellon

  • 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.

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