Netflix, the global streaming giant, in its latest report has disclosed that it lost 970,000 subscribers in the second quarter of 2022 — a number far lower than its own forecasts, which had projected that the streaming giant would lose two million subscribers.
The company also said it would add another one million subscribers in the third quarter. Regardless, investors were clearly happy with the results, and Netflix shares jumped as much as 8% on Tuesday in after-hours trading.
Netflix’s biggest subscriber loss came from its biggest market, the United States and Canada, where the streamer said it lost 1.3 million users in the second quarter. But that was offset by increased subscriptions elsewhere.
“Our challenge and opportunity are to accelerate our revenue and membership growth by continuing to improve our product, content, and marketing as we’ve done for the last 25 years, and to better monetize our big audience,” the company said Tuesday in its letter to investors.
“We’re in a position of strength given our $30 billion-plus in revenue, $6 billion in operating profit last year, growing free cash flow, and a strong balance sheet.”
