Netflix reports $7.97 bn revenue though it lost 1 mn subscribers

Video streaming platform Netflix announced that it lost nearly one million paid subscribers in the second quarter of 2022.
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Netflix lost 970,000 subscribers in Q2, which is more than the 200,000-member decline from the first quarter.

Netflix has 73.28 million paid subscribers in the US and Canada and 220.67 million worldwide and it expects to add one million in the third quarter.

Netflix lost 1.3 million customers in the United States and Canada in the second quarter, and 770,000 in Europe, the Middle East and Africa. That was offset by a gain of nearly 1.1 million members in the Asia Pacific region.

Netflix reported revenue increase of 9 percent year over year from $7.3 billion in 2021 to $7.97 billion this quarter.

In April, the video streaming platform reported a loss of 2 lakh paid subscribers in the first quarter of 2022 — its first subscriber loss in over a decade.

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

The world’s largest streaming service plans to launch its ad-supported option next year. It also warned that the strong dollar was hitting revenue booked from subscribers abroad.

Netflix forecast customer additions for July through September to hit 1 million.