It was the first time in a decade that the leading streaming television service had lost subscribers. The company blamed the quarter-over-quarter erosion to suspension of its service in Russia due to Moscow's invasion of Ukraine.
Netflix ended the first quarter of this year with 221.6 million subscribers, slightly less than the final quarter of last year.
The Silicon Valley tech firm reported a net income of $1.6 billion in the recently ended quarter, compared to $1.7 billion in the same period a year earlier. Netflix shares were down more than 25 percent to $259.30 in after-market trades that followed release of the earnings figures.
Netflix believes that factors hampering its growth includes subscribers sharing their accounts with people not living in their homes. Read More: https://www.france24.com/en/americas/20220420-netflix-loses-subscribers-for-first-time-in-decade
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