Netflix reported that it lost subscribers for a second straight quarter, a first in the company's history.
For the second straight time in the streaming company’s modern history, Netflix on Tuesday reported a drop in subscribers in its most recent quarter. But rather than thethey forecast would be dropped, Netflix said it only shed 970,000 subscribers this time.
What’s more, Netflix predicted it would gain subscribers — as many 1 million — during the upcoming three months. Wall Street embraced the news, sending Netflix shares up about 7% in after-hours trading immediately following the announcement. In a letter to shareholders, Netflix said: “Our challenge and opportunity is to accelerate our revenue and membership growth.”
But it likely can’t do so without compelling content, especially as rival streamers — like Disney Plus and HBO Max —spend billions on programming and lure millions of new subscribers.The new season of “Stranger Things” attracted viewers, with 1.3 billion hours of the series watched in its first month. But Netflix still doesn’t have a new breakout hit like last year’s “Squid Game.”
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