Netflix loses about 1 million subscribers in 3 months

Netflix said, on Tuesday, that it lost 970,000 subscribers in the period from last April to June, avoiding the worst-case scenario the company expected, but it provided expectations less than Wall Street expectations for the current quarter.

The online streaming platform plans to launch a new ad-supported category of subscriptions next year, and warned that the rising dollar was also affecting revenue from overseas subscribers.

Netflix warned in April that it expected to lose 2 million customers this quarter, which has shocked Wall Street and raised questions about its long-term growth prospects.
While the number of customers Netflix lost in the second quarter was less than expected, it estimated that the number of new customers in the July-September period would reach one million.

Wall Street analysts were expecting 1.84 million new subscribers, according to analysts.

In a letter to shareholders, the company said it studied the slowdown further, which it attributed to a variety of factors including password sharing, competition and economic recession.

Netflix remains the dominant streaming service worldwide, with nearly 221 million global subscribers.