Company expects to lose 2 million more over the next quarter as subscribers rethink commitment to streaming services
Shares of Netflix lost more than 35% of their value in New York on Wednesday morning, after the streaming giant announced it had lost more than 200,000 subscribers in the first three months of the year and said it and expects to lose 2 million more over the next quarter.
The sharp drop in value – the largest for the service in over a decade – comes as subscribers rethink their commitment to streaming services that grew their numbers sharply during the homebound months of peak lockdown. Netflix had anticipated it would add 2.5 million customers in the first quarter.
