Netflix loses $45 billion in value
Netflix loses $45 billion in value as subscriber numbers drop
After shares tanked earlier this year because of concerns over its subscriber growth, the streaming leader said that it lost subscribers when it reported first quarter earnings on Tuesday.
Netflix now has 221.6 million subscribers globally. It shed 200,000 subscribers in the first quarter of 2022, the company reported.
adding that it expects to lose another two million in the second quarter.
The company was expected to add 2.5 million subscribers in the first three months of the year.
As a result, Netflix's stock dropped 30% when the market opened on Wednesday.
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