Netflix shares drop 26% after it loses 200K subscribers

SAN FRANCISCO (AP) — Netflix suffered its first subscriber loss in more than a decade, causing its shares to plunge 26% in extended trading amid concerns that the pioneering streaming service may have already seen its best days.

FILE – This Aug. 13, 2020, photo shows a logo for Netflix on a remote control in Portland, Ore. Netflix’s video streaming service suffered the first loss in worldwide subscribers in its history, leading to a massive sell-off of its shares. The company’s customer base fell by 200,000 subscribers during the January-March period, according to a quarterly report released Tuesday, April 19, 2022; its stock dropped by 23% in after-market trading. (AP Photo/Jenny Kane, file)

The company’s customer base fell by 200,000 subscribers during the January-March period, according to its quarterly earnings report released Tuesday.

It’s the first time that Netflix’s subscribers have fallen since the streaming service became available throughout most of the world outside of China six years ago.

Worse, Netflix is now expecting to lose another 2 million subscribers during the April-June period.

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