Netflix says subscribers sharing accounts with other households is among its growth challenges
SAN FRANCISCO – Netflix shares lost a quarter of their value Tuesday after the company revealed its ranks of subscribers shrank in the first quarter of this year.
It was the first time in a decade that the leading streaming television service had lost subscribers. The company blamed the quarter-over-quarter erosion to suspension of its service in Russia due to Moscow’s invasion of Ukraine.
Netflix ended the first quarter of this year with 221.6 million subscribers, slightly less than the final quarter of last year.
The Silicon Valley tech firm reported a net income of $1.6 billion in the recently ended quarter, compared to $1.7 billion…
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