Netflix shares cratered more than 20% on Tuesday after the company reported a loss of 200,000 subscribers in the first quarter.
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Shares of Netflix cratered more than 20% on Tuesday after the company reported a loss of 200,000 subscribers during the first quarter. This is the first time the streamer has reported a subscriber loss in more than a decade. From a report:
The company also said it expects to lose 2 million subscribers in the second quarter. A loss of 200,000 compared with 2.73 million adds expected, according to StreetAccount estimates. Netflix previously told shareholders it expected to add 2.5 million net subscribers during the first quarter. Analysts had predicted that number will be closer to 2.7 million. The company said that the suspension of its service in Russia and the winding-down of all Russian paid memberships resulted in a loss of 700,000 subscribers. Excluding this impact, Netflix would have seen 500,000 net additions during the most recent quarter.
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Elon Musk weighed in on the entertainment network’s decline with a harsh assessment… “The woke mind virus is making Netflix unwatchable.”