Netflix’s inventory dropped by 1 / 4 on Tuesday after the agency introduced that its subscriber base declined within the first quarter of this yr.
The biggest streaming tv service had misplaced prospects for the primary time in a decade. The company attributed the decline to the suspension of its service in Russia on account of Moscow’s invasion of Ukraine.
Netflix has 221.6 million prospects on the finish of the primary quarter of this yr, down marginally from the identical interval final yr.
In the latest quarter, the Silicon Valley tech agency posted a internet revenue of $1.6 billion, down from $1.7 billion a yr earlier. Following the revelation of the earnings numbers, Netflix shares fell 25% to $262 in after-market dealings.
“We’re not rising income as quick as we’d like,” Netflix mentioned in an earnings letter.
“Covid clouded the image by considerably growing our development in 2020, main us to imagine that almost all of our slowing development in 2021 was as a result of Covid pull ahead.”