After shares tumbled earlier this year on concerns about its subscriber growth, the streaming leader said it lost subscribers when it released its first-quarter results on Tuesday.
netflix (NFLX) now has 221.6 million subscribers worldwide. It lost 200,000 subscribers in the first quarter of 2022, the company reported Tuesday. The service was expected to add 2.5 million subscribers.
The company also said it expects to lose an additional 2 million subscribers in Q2 2022.
The report sent the stock down as much as 23% after hours trading.
Netflix’s fourth-quarter profit was $1.5 billion, up from $1.7 billion in the prior quarter. Revenue jumped 9.8% to $7.8 billion.
This is a breaking story and will be updated.