Netflix Projects 2 Million Subscriber Loss in Q2 2022

Netflix reported a loss of 200,000 subscribers in Q1 2022. The total number of Netflix subscribers during this period was 221.64 million.

This is the company's worst record in a decade in terms of subscriber loss. Netflix even projected a further loss of 2 million subscribers in Q2 2022.

Here's a breakdown of Netflix subscriber changes in Q1 2022 by region:

* United States and Canada: down 636,000 subscribers
* Europe, the Middle East, and Africa: down 303,000 subscribers
* Latin America: down 315,000 subscribers
* Asia: up 1.08 million subscribers

This negative news prompted investors to sell off shares with the code NFLX. As a result, Netflix's share price plunged 35.12% to US$226.19 on Wednesday, April 20, 2022.

This drop in NFLX's share price is the steepest since 2004. Netflix's share price has plummeted more than 63% since the end of last year.

Netflix's revenue still showed growth of US$704.49 million (9.98%) to US$7.87 billion in Q1 2022 compared to Q1 2021. Similarly, revenue expenses also increased by US$416.19 million (10.76%) to US$4.28 billion in the first quarter of this year compared to the first quarter of the previous year.

As a result, NFLX's net income fell by US$109.26 million (6.4%) to US$1.59 billion in Q1 2022 compared to Q1 of the previous year. Similarly, net income per share also decreased by US$0.25 per share (6.49%) to US$3.6 per share in the first quarter of this year compared to the first quarter of the previous year.