Netflix’s subscriber loss appears to have accelerated through the spring. After losing 200,000 subscribers between January and March, the company’s second-quarter earnings report revealed that subscriptions fell again between April and June, this time by one million.
The broadcaster recorded 220.67 million subscribers at the end of June, down from 221.64 million in the previous quarter, which was the same down from 221.84 million at the end of last year. But losing a million subscribers is actually better than expected. CFO Spence Newman previously speculated that they would lose two million subscriptions. Netflix’s revenue is up 9% from last year.
Netflix has blamed the slowdown in subscriber growth last quarter on the global economy and the war in Ukraine, as well as sharing accounts that the company has promised a crackdown on for some time and appears close to being implemented.
Netflix currently expects 1 million subscribers to come back in next quarter, thanks in large part to the fourth season of Stranger Things, however it expects revenue growth to continue to slow year-over-year, forecasting just 5% growth in the third quarter. .