For the first time in the past decade, Netflix announced that it lost subscribers in a quarter.
The announcement was made by the streaming giant during its recent earnings call where it also shocked investors by forecasting that its number of subscribers would fall by another 2 million in the current quarter, to about 219.6 million, after declining about 200,000 in the first quarter of 2022.
Netflix shares plummeted over 25%, shaving $30 billion off the company’s market valuation after this announcement was made.
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