Netflix shares drop 25% after service loses 200K subscribers

Posted at 10:05 PM, Apr 19, 2022
and last updated 2022-04-19 22:05:31-04

SAN FRANCISCO (AP) — 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, and it now expects to lose another 2 million subscribers during the April-June period.

Netflix is hoping to reverse the tide by taking steps it has previously resisted, including blocking the sharing of accounts and introducing a lower-priced — and ad-supported — version of its service.