Sadly today was not a good day for the giant streaming service after reporting their shares went down 35% in the first quarter of 2022 based on the company’s estimates.
In a letter to their shareholders, the company attributed this loss to different factors such as many of their subscribers share their passwords, a competition increment that includes conventional cable, broadcast TV and streaming services.
Unfortunately, the numbers for Q2 are already alarming and Netflix predicts another hit of losing 2 million subscribers worldwide.
This is the second time shares went down this year. Back in January, Netflix shares fell more than 20%. And now their stocks are down to 62%, this including today’s fall.
They were probably expecting slower new subscriptions but not loosing subscribers is what experts are saying.
We will continue following this story since it will for sure be an indicator to different companies of how things are changing in today’s economy.
