Not only is Netflix losing subscribers, its shares are also now tanking as a result.
Netflix reported Tuesday that it lost 200,000 subscribers in its first quarter, making it the first time it lost subscribers in more than a decade.
The last time the company lost customers was in October of 2011.
Netflix estimates it may lose another 2 million subscribers in the second quarter.
The streaming giant originally predicted it would add 2.5 million subscribers during the first quarter – and that was a modest estimate.
Revenue grew 10%, slightly below Wall Street estimates.
Stock went down as much as 25% in after-hours trading after the report came out.
A number of factors may be to blame for Netflix’s loss in subscribers.
Growth started slowing down in 2021.
Netflix believed that was due to rising competition among streaming services.
It also believes password sharing, slow economic growth, increasing inflation and even pulling out of Russia may be to blame for the subscriber loss.