Netflix sees return to growth after losing 1M customers
BNN Bloomberg
After losing more than a million customers in the first half of 2022, Netflix has a message for investors: It could have been worse.
The leader in paid streaming TV lost 970,000 subscribers in the second quarter, according to a statement Tuesday. That was less than half what Wall Street feared, thanks in large part to a new season of “Stranger Things,” the service’s most popular English-language series.
While Netflix said it has already endured the worst of the subscriber losses, it isn’t projecting a return to rapid growth any time soon. The company expects to sign up 1 million subscribers in the current three-month period -- essentially reversing the losses of the first half. That’s well short of the 1.83 million analysts forecast this period.
The sudden reversal in subscribers -- ending a decade of uninterrupted growth -- has spooked Wall Street and Hollywood, both of which saw streaming as the future of entertainment. Shares of Netflix were down 68 per cent this year through Monday’s close.
