The company offered a gloomy prediction for the spring quarter, forecasting it would lose 2 million subscribers, despite the return of such hotly anticipated series as “Stranger Things” and “Ozark” and the debut of the film “The Grey Man,” starring Chris Evans and Ryan Gosling.
Despite hit shows like “Stranger Things,” the world’s dominant streaming service was expected to report slowing growth. Netflix, which currently has 221.6 million subscribers, last reported losing customers in October 2011. The headwinds facing Netflix pummeled other video streaming-related stocks, with Roku dropping over 6%, Walt Disney falling 5% and Warner Bros Discovery down 3.5%. Suspending service in Russia after the Ukraine invasion resulted in the loss of 700,000 members. The company said it lost 200,000 subscribers in its first quarter, falling well short of its forecast of adding 2.5 million subscribers. The lagging subscriber growth prompted Netflix for the first time to say it might offer lower-priced version of the service with advertising. Since it warned in January of weak subscriber growth, the company has lost nearly half of its value. Netflix’s 26% tumble after the bell on Tuesday erased about $40 billion of its stock market value. Netflix said inflation, the war in Ukraine and fierce competition contributed to a loss of subscribers for the first time in more than a decade and predicted more contraction ahead, marking an abrupt shift in fortune for a streaming company that thrived during the pandemic. Secrets of the citizen sleuths: How wave of real-crime fanatics are causing chaos World powers in AI arms race to get killer robots on battlefield as concerns grow they’ll turn on peopleĪmericans favor Prince Harry more than Prince William, despite ‘Spare’ and Spotify backlash: pollįBI to exhume body of woman featured on Netflix series ‘The Keepers’
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