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Thursday 29 February, 2024
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Netflix is losing customers for the second consecutive quarter

BY Faizan Ahmed Jul 20, 2022. 10:50 am UPDATED: Jul 20, 2022. 10:50 am

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San Francisco: Netflix on Tuesday reported losing subscribers for the second consecutive quarter as it battles tough competition and viewers tightening their purse strings, but the firm reassured investors of better days ahead.

Netflix had just under 221 million subscribers after the most recent quarter, which was less than anticipated given the loss of 970,000 paid customers.

In an earnings presentation, the company’s co-chief and founder Reed Hastings said, “Tough in some ways, losing a million and calling it success, but really we are set up extremely well for the coming year.”

In its financial report, the company stated that it had forecast a million new paying members for the current quarter.

In after-hours trading, Netflix stock was slightly up, indicating that investors were still sticking with the company.

Analysts highlighted that the results were alarming even though they were not as bad as anticipated.

According to analyst Ross Benes, “Netflix’s subscriber loss was predicted, but it remains a painful point for a corporation that is entirely dependent on subscription revenue from customers.”

Without finding other franchises with broad appeal, Benes continued, “it will eventually struggle to stay ahead of rivals who are vying for its crown.”

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