The number of Netflix subscribers decreased by 200,000 to 221.6 million in January-March. On the contrary, the company’s management expected an increase in the number of subscribers by 2.5 million. Netflix is now preparing to make matters worse, expecting the loss of two million subscribers in April-June.
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The company decided in early March to suspend its services in Russia due to the invasion of Ukraine. This resulted in the loss of 700,000 subscribers, Reuters reported.
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The company’s net profit fell to $ 1.5 billion (34 billion crowns) in the first quarter from a comparable $ 1.7 billion last year. Revenue rose 9.8 percent to $ 7.8 billion.
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The company’s shares closed Tuesday’s trading by 3.2 percent. However, after the publication of financial results, they fall by as much as 26 percent. If Netflix retains losses after the official start of trading, it will lose more than half of its value from the beginning of the year.
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