Netflix lost 200,000 subscribers in its first quarter, falling well short of its modest predictions that it would add 2.5 million subscribers
. Its decision in early March to suspend service in Russia after it invaded Ukraine resulted in the loss of 700,000 members. The company’s stock plunged 24% in aftermarket trading.
First-quarter revenue grew 10% to $7.87 billion, slightly below Wall Street’s forecasts of $7.93 billion. It reported per-share net earnings of $3.53. Streaming services spent $50 billion on new content last year, in a bid to attract or retain subscribers, according to researcher Ampere Analysis. That’s a 50% increase from 2019, when many of the newer streaming services launched, signalling the quick escalation of the so-called “streaming wars.”
Netflix has been able to increase subscription prices in the United States, the United Kingdom and Ireland, to fund content production and growth in other parts of the world, such as Asia, noted Wedbush analyst Michael Pachter. However, subscription pries in these growth markets are lower.
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