In its letter to investors, the company said that since it launched streaming in 2007, the company has “operated under the firm belief that internet-delivered, on demand entertainment will supplant linear TV,” But, it added, in the near term “we’re not growing revenue as fast as we’d like.” ![]() The company hasn’t lost subscribers in more than a decade. The company’s stock has fallen more than 40% year to date, and coming into the earnings there was a lot of concern from investors regarding its growth. It cannot be overstated just how bad of a report this is for the king of streaming. Revenue jumped nearly 10%, to $7.9 billion. Netflix’s first quarter profit was $1.6 billion, down from $1.7 billion in the year-earlier quarter. Netflix’s stock dropped 35% on Wednesday, instantly wiping $50 billion off the value of the company. The service was expected to add 2.5 million subscribers in the first three months of the year. ![]() ![]() It shed 200,000 subscribers in the first quarter of 2022, the company reported on Tuesday, adding that it expects to lose another two million in the second quarter. (NFLX) now has 221.6 million subscribers globally. After shares tanked earlier this year because of concerns over its subscriber growth, the streaming leader said that it lost subscribers when it reported first quarter earnings on Tuesday.
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