20 July,2022 , 08:45 amAdmin

Nearly 1 Million Netflix Subscribers Have Left in a Row

Netflix announced that it lost customers for the third quarter of a row, Tuesday while the company fights intense competition and consumer belts tightening. But the company promised investors brighter times in the future.

A loss of 970,000 customers in the latest quarter was not as large as was expected and left Netflix with just two million subscribers.

"Tough in some ways, losing a million and calling it success, but really we are set up very well for the next year," the co-chief of the company and co-founder Reed Hastings said in a presentation of its earnings.

The company announced in its earnings report is expected to increase one million subscribers who pay in the most recent quarter.

Netflix shares were slightly up in trades after the market which is a sign investors were sticking with the company.

Analysts observed that the results even if they weren't as bad as they were feared, were worrying.

"Netflix's subscriber loss was expected but it remains a sore point for a company that is wholly dependent on subscription revenue from consumers," said analyst Ross Benes.

Benes said she believes that "unless it finds more franchises that resonate widely, it will eventually struggle to stay ahead of competitors that are after its crown."

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