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Netflix Loses One Million Paid Subscribers – 5X More Than Q1 Loss

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Popular video streaming platform Netflix announced that it has lost almost a million paid subscribers in the second quarter of this year.



In its second quarter earnings report, the company revealed it lost 9.70,000 subscribers, which is more than the 2,000,000 member decline seen in the first quarter.

“The second quarter was better than expected in membership growth, and foreign exchange was worse than expected (stronger US dollar), resulting in 9 percent revenue growth (13 percent constant currency),” the company said in a press release. pronunciation.

“Our challenge and opportunity is to accelerate our revenue and membership growth by continuing to improve our products, content and marketing as we have done for the past 25 years, and to monetize our general audience,” it added.

Netflix said it has 73.28 million paying subscribers in the US and Canada and 220.67 million worldwide and expects to add another million in the third quarter.

According to Netflix, revenue grew 9 percent year over year from $7.3 billion in 2021 to $7.97 billion this quarter.

In April, the platform reported a loss of 2 lakh paid subscribers in the first quarter of 2022 – the first subscriber loss in more than a decade.

In addition, Netflix forecast a global paid subscriber loss of 20 lakh for the second quarter of 2022. However, it lost only half of that.

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