Netflix Stock Plunges After Subscriber Losses

By THOUSIF INC

After shares tanked earlier this year because of concerns over its subscriber growth.

The streaming leader said it lost subscribers when it reported first-quarter earnings on Tuesday.

Netflix (NFLX) now has 221.6 million subscribers globally.

The company reported on Tuesday that it shed 200,000 subscribers in the first quarter of 2022, adding that it expects to lose another two million in the second quarter.

The service was expected to add 2.5 million subscribers in the first three months.

The report sent the stock down as much as 25% in after-hours trading.

Netflix's first-quarter profit was $1.6 billion, down from $1.7 billion in the year-earlier quarter.

Revenue jumped nearly 10% to $7.9 billion.

It cannot be overstated just how bad of a report this is for the king of streaming.

The company's stock has fallen more than 40% year to date, and coming into the earnings, there was a lot of concern from investors regarding its growth.

The company has not lost subscribers in more than a decade.

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