Netflix Drops After Reporting Loss in Subscribers, Also Company is finding ways to purge the non account holders that share accounts.
Netflix's disastrous earnings report is worse than we thought
Losing over so much Subscribers of a service in the first quarter of a year is doomsday for other subscription based companies. Disney next?
Dropping like a brick.. Sure this is normal for the cryptos but for big tech companies.. the bubble is about to pop and it will pop.
Netflix is forecasting a global paid subscriber loss of 2 million for the second quarter. The last time Netflix lost subscribers was October 2011.
2 million.. that's a kick lower belt style. It will be a gnarly blood bath to say the least. Losing over 25% ouch. Netflix speculates that the suspension of its service in Russia and the winding-down of all Russian paid memberships resulted in a loss of 700,000 subscribers.
Still though Netflix reported revenue of $7.87 billion for the first quarter of 2022 during Covid times it was on a killing rampage, since most things are open Netflix is out the window and more and more people are out and about not taking the fresh air for granted.
I expect to be more blood on the streets.
