Netflix loses nearly 1 million subscribers, forecast misses Wall Street estimates

Netflix Inc (NASDAQ: NFLX) on Tuesday said the company lost 970,000 subscribers from April through June, preventing the worst-case scenario forecasted earlier, but offered an outlook below Wall Street expectations for the current quarter.

In April, the streaming giant had warned that it expected to lose 2 million customers in the current quarter, shocking the investors and helping raise questions about its long-term growth prospects.

Although the defections for the second quarter were not as steep as expected, Netflix said it estimated to add around 1 million new customers for July through September, while Wall Street analysts were expecting 1.84 million.

After years of growth and market dominance, Netflix’s luck has reversed as rivals including Walt Disney Co (NYSE: DIS), Warner Bros Discovery Inc (NASDAQ: WBD), Amazon.com Inc (NASDAQ: AMZN), and Apple Inc (NASDAQ: AAPL) invest heavily in their own streaming services.