Russia-Ukraine conflict contributes to fall in Netflix subscribers
TRT World says Netflix has said inflation, the Russian offensive in Ukraine, and fierce competition contributed to a loss of subscribers for the first time in more than a decade and predicted more contraction ahead, marking an abrupt shift in fortune for a streaming company that thrived during the pandemic.
Netflix’s 26 percent tumble after the bell on Tuesday erased about $40 billion of its stock market value. Since it warned in January of weak subscriber growth, the company has lost nearly half of its value.
The company said it lost 200,000 subscribers in its first quarter, falling well short of its forecast of adding 2.5 million subscribers. Suspending service in Russia after the Ukraine assault resulted in the loss of 700,000 members.
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