Netflix has reported it lost 970,000 subscribers in the second quarter of 2022. 9News
today reported that it lost 970,000 subscribers in the second quarter of 2022, a number far lower than its own forecasts, which had projected that the streaming giant would lose two million subscribers.jumped 8 per cent in after hours trading.
The company's April-June regression follows a loss of 200,000 subscribers during the first three months of the year, marking the first time Netflix's subscriber totals have shrunk in consecutive quarters since its transition from offering DVD-by-mail rentals to video streaming began 15 years ago. Despite the downturn, Netflix still earned $2 billion, or $4.60 per share during the quarter, a six per cent increase from the same time last year.Although Netflix's springtime subscriber losses weren't as bad as investors and management feared, the downturn served as a grim reminder of the challenges now facing the Los Gatos, California, company after a decade of unbridled growth.
Since then, other video streaming services have made big strides in attracting viewers, with Apple winning accolades for its award-winning line-up of TV series and films while Disney's popular line-up of family-friendly titles continues to gain traction.
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