Global streaming giant Netflix on Tuesday reported losing subscribers for the first time in more than a decade and predicted more contraction in the second quarter, a rare miss for a company that has been a reliable growth engine for investors.
Netflix lost 200,000 subscribers in its first quarter, falling well short of its modest predictions that it would add 2.5 million subscribers. Its decision in early March to suspend service in Russia after it invaded Ukraine resulted in the loss of 700,000 members.
Netflix, which currently has 221.6 million subscribers, last reported a loss in customers in October 2011. Netflix offered a gloomy prediction for the spring quarter,NBC Netflix says it lost 200,000 subscribers in first part of the year
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