Netflix shares lost more than a fifth of their value on Tuesday after it revealed its ranks of subscribers shrank in the first quarter of this year.
It was the first time in a decade that the leading streaming television service lost subscribers. The company blamed the quarter-over-quarter erosion on the suspension of its service in Russia due to Moscow’s invasion of Ukraine.
Netflix ended the first quarter of this year with 221.6 million subscribers, slightly less than the final quarter of last year.
AFP
