Netflix today announced they lost 970,000 paid subscribers in the second quarter of 2022 but still recorded revenue of $ 7.97 billion. The number of lost customers is lower than the initial forecast of around 2 Million. Revenue also increased 8.6% over the same quarter last year. Overall Netflix now has 220.67 million paid subscribers worldwide compared to 221.64 million subscribers in Q1 2022.
After the announcement was made, Netflix shares rose up to 7%. In the last quarter after they announced the loss of more than 200,000 customers - the first reduction in a decade - that caused the company’s shares to plummet more than 60%. Netflix predicts the number of subscribers will increase to 221.67
As a move to re -increase subscribers, Netflix will offer a subscription plan with ad support in early 2023 with not all content catalogs accessible. Meanwhile in Latin America the practice of sharing passwords will be prevented by asking customers to pay more to add another address.
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