The decline in the first quarter of 2022 is the first time the streaming service has lost subscribers in more than 10 years.
Global streaming giant Netflix on Tuesday reported losing subscribers for the first time in more than a decade and predicted more contraction in the second quarter, a rare miss for a company that has been a reliable growth engine for investors.
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, signaling 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.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 10 most anticipated arthouse movies of 2022The Cannes Film Festival line-up has just dropped. What’s in store? Expect A24, K-Stew body horror, and a few unexpected directorial debuts.
Read more »
Basketball Recruiting - Rivals Rankings Week: Top 10 countdown for 2022
Read more »
Ranking the top 10 offensive linemen in 2022 NFL DraftThe Post’s Ryan Dunleavy gives his Top 10 offensive linemen in this year’s 2022 NFL Draft, based on evaluations and conversations with people around the league.
Read more »
10 great U.S. cities for weed lovers in 2022If a person love cannabis, these 10 cities in the U.S. might be a good fit - via TheGrowthOp Cannabis news CannabisCommunity CannabisCulture
Read more »
Soundcheck: The 10 Best Music Releases The Week Of April 18, 2022Soundcheck: The 10 best music releases of the week. Anitta pledis_17 lilmallrat & more
Read more »
First drive review: 2022 Jeep Grand Cherokee 4xe delivers power with efficiencyThe 2022 Jeep Grand Cheokee 4xe adds power, improves efficiency, and can make financial sense.
Read more »