Netflix’s shares fell 25% in extended trading after the company reported its first subscriber decline in more than a decade, raising concerns that the innovative streaming platform may have seen its finest days. According to the company’s quarterly financial report released recently, the company’s customer base declined by 2,00,000 subscribers during the January-March period.
It’s the first time Netflix’s member base has declined since the streaming service became widely available outside of China six years ago. It has lost subscribers first time in a decade. This year’s dip was attributed in part to Netflix’s decision to pull out of Russia in protest of the war in Ukraine, which resulted in a loss of 7,00,000 members. Despite this, Netflix is forecasting a 2 million subscriber drop between April-June, indicating that its troubles are deep-seated.