Netflix suffered its first subscriber loss in more than a decade, causing its shares to plunge 25% in extended trading amid concerns that the pioneering streaming service may have already seen its best days.
The company's customer base fell by 200,000 subscribers during the January-March period, according to its quarterly earnings report released Tuesday. It's the first time that Netflix's subscribers have fallen since the streaming service became available throughout most of the world outside of China six years ago. The drop this year stemmed in part from Netflix's decision to withdraw from Russia to protest the war against Ukraine, resulting in a loss of 700,000 subscribers.
Even so, Netflix acknowledged its problems are deep-rooted by projecting a loss of another 2 million subscribers during the April-June period.
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