Netflix Stock Falls After Drop in User Subscriptions
Netflix (NASDAQ: NFLX) surprises wall street as the company saw a decrease in user subscriptions over Q1 2022. Noted in their most recent earnings report, revenue growth has slowed as new competitors launch their services, culminating in a net loss of 200 000 paid subscribers for the media streaming giant.
The company also estimates that approximately 100 million users are sharing login credentials and will seek to combat this by rolling out multi-household subscriptions. At the time of writing, the stock has dropped 25% after-hours.
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