Netflix has recorded a massive loss of 970,000 subscribers in the second quarter of 2022.
Gatekeepers News reports that the streaming giant earlier lost about 200,000 subscribers in the first quarter of 2022.
Netflix attributed this loss to the time it is taking for homes to get access to affordable broadband internet service and smart televisions, along with subscribers sharing their accounts with people not living in their homes.
The loss was, however, fairer than earlier projections by the company itself. It had predicted a loss of 2 million subscribers by Q2, earlier in the year.
Nevertheless, in a Securities and Exchange Commission filing, Netflix expressed optimism and confidence in its ability to weather the storm.
The statement read, “Reaccelerating our revenue growth is a big challenge… But we’ve been through hard times before. We’ve built this company to be flexible and adaptable and this will be a great test for us.
“We’re confident and optimistic about the future.”
With the loss of 970,000 paying customers, Netflix is left with 221 million subscribers.
The streaming giant, however, projected that about one million new subscribers will join the service by the end of the third quarter.