The streaming giant also pointed towards increased competition, with rivals like Disney, Apple TV+, Amazon Prime, Warner Bros Discovery, Paramount Global, and NBCUniversal eating into Netflix’s growth.
Moreover, COVID-19 lockdowns had also kept many users glued to their screens, and with vaccines rolled out and restrictions being eased, Netflix is seeing a drop in subscriber counts.
Although Netflix currently has about 222 million paying households globally, which is much higher than any other video streaming platform, it estimates that almost half of them share passwords with family members and friends.
Though the telecom giant AT&T reported HBO results, WarnerMedia, the company that owns HBO, is now a part of Warner Bros Discovery Inc (NASDAQ: WBD). The newly merged company will report both Discovery and HBO results for the next quarter.