Netflix loses nearly a million subscribers, but profits rise
CBSN
Netflix shed almost 1 million subscribers during the spring amid tougher competition and soaring inflation that's squeezing household budgets, heightening the urgency behind the video streaming service's effort to launch a cheaper option with commercial interruptions.
The April-June contraction of 970,000 accounts, announced Tuesday as part of Netflix's second-quarter earnings report, is by far the largest quarterly subscriber loss in the company's 25-year history. It could have been far worse, though, considering Netflix management released an April forecast calling for a loss of 2 million subscribers during the second quarter.
The less severe loss in subscribers, combined with an outlook calling for a return to growth in the July-September period, helped lift Netflix's battered stock by 7% in extended trading after the numbers came out.
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