Netflix loses 200,000 users amid Russia exit over Ukraine war; shares tank 25%
Shares of the company tumbled more than 25% in extended hours and erased about $40 billion of its stock market value
By Shubhangi Mathur
Published - Apr 20, 2022, 02:53 AM ET
Last Updated - Feb 22, 2024, 03:05 PM EST
Netflix (NASDAQ: NFLX) reported on Tuesday a loss of 200,000 subscribers in the first quarter for the first time in more than a decade.
Shares of the company tumbled more than 25% in extended hours and erased about $40 billion of its stock market value.
Netflix had earlier said that it expected to add 2.5 million net subscribers during the first quarter. The streaming company forecasted a global paid subscriber loss of 2 million for the second quarter as well.
Netflix said that due to suspension of its services in Russia, the company lost 700,000 subscribers. The streaming platform would have seen an addition of 500,000 subscribers in the quarter if it had not shut shop in Russia.
