Netflix reported its second-quarter 2022 earnings Tuesday, revealing it lost 970,000 subscribers during the three-month period that included the launch of the first part of “Stranger Things” Season 4. While that’s obviously a hit to the overall tally for the industry’s leading subscription streaming platform, it’s a far smaller hit than the loss Netflix forecast in April.
The streamer had projected a net loss of 2 million streaming subscribers for the second quarter, which spans April 1-June 30, following a surprise decline of 200,000 in Q1 (which included the loss of 700,000 Russian customers after exiting the country over the invasion of Ukraine).
Netflix revealed in its Q2 letter to shareholders it currently has 220.67 million subscribers globally and is expecting to return to gains in Q3, projecting an addition of 1 million subs from July 1-Sept. 30.
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Netflix Lost 970,000 Subscribers in Q2, Beating Its Estimate by More Than 1 Million Subs https://t.co/7DjoVpcuda
— Variety (@Variety) July 19, 2022