Shares of Netflix fell 20% on Tuesday after Netflix lost 200,000 subscribers. This is the first time in a decade that a leading streaming television service has lost its subscribers. The company’s subscriber base fell to 2,00,000 in the January – March quarter, according to its quarterly earnings report released on Tuesday.
The reason stated by the company
The company cited the suspension of its service in Russia as a result of Moscow’s invasion of Ukraine. Netflix had 221.6 million subscribers in the first quarter of this year. This is a slight decrease from the last quarter of last year.
Netflix shares fell
Silicon Fence Technology Co.’s net income was $ 1.6 billion, up from $ 1.7 billion a year earlier. Shares of Netflix fell about 25 percent to $ 262 in market trading after the release of earnings figures.
In a letter to Netflix, he said, ‘We are not growing revenue as fast as we would like. Since its arrival of Govt in 2020, the company has achieved a lot of benefits. Not much benefit in 2021.
Streaming company Netflix estimates that accounts are shared with more than 100 million households who do not pay for the TV streaming service, while about 222 million households pay for its service.