Netflix has lost subscribers for the first time in over a decade and warned last night that it will shed two million more in the next quarter, knocking its shares down by more than 25 per cent.
The world’s largest streaming service attributed the setback to high levels of competition and more than 100 million households using its platform without paying, after falling well short of its own modest forecast.
Hits such as Bridgerton, the Regency drama, failed to reignite the group’s momentum in the three months to March as it lost 200,000 subscribers. It now has 221.6 million paying users. Shares in the company fell $89.61 to $259 in out-of-hours trading amid mounting questions on Wall Street about its growth prospects.
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