New Delhi. Netflix This is the first time he has to face such a big blow. The company lost a quarter of its value when the company disclosed a reduction in its customer ranks in the first quarter of this year. If seen, this loss has been very big and strong for the company. This is the first time in the last 10 years that Netflix has lost such a large number of its subscribers. The company had stopped its service in Russia due to Moscow’s invasion of Ukraine. The company says that this decision was responsible for this loss.
Netflix has released a report for the first quarter of 2022, according to which the company has lost about 2 lakh subscribers compared to the previous quarter of 2021. At the same time, it has also been estimated that in the second quarter of this year, Netflix may lose 2 million or 2 million subscribers. This is the first time this has happened in the last decade.
Netflix had 221.6 million subscribers in the first quarter of this year. This is slightly less than the last quarter of last year. In the recently ended quarter, the company reported net income of $1.6 billion. While it was $1.7 billion in the same period a year ago. After the release of earnings figures, Netflix’s shares fell some 25 percent to $262 in market trading.
Apart from this, the company has also revealed its large market where they have increased the prices which includes the US, Canada and the United Kingdom. This can also be a cause of loss. The company has lost 6 lakh subscribers in the US and Canada due to the price hike. At the same time, some time ago it was also told that soon the company may close the account sharing.