Netflix attributed the outage to a variety of factors, including the suspension of its service in Russia as a result of the country’s invasion of Ukraine.
Netflix acknowledged losing subscribers in the first quarter of the year in an earnings letter released on Tuesday. Following the company’s first loss of subscribers in a decade, its shares fell 25% in extended trading.
“Paid net additions were -0.2m, compared to our guidance of 2.5m and 4.0m in the same quarter last year.” “The suspension of our service in Russia and the winding down of all Russian paid memberships r esulted in a -0.7m impact on paid net additions; excluding this impact, paid net additions totalled +0.5m,” the company stated.
The Silicon Valley-based streaming platform reported a net income of $1.6 billion in the March quarter, down from $1.7 billion the previous year. Netflix attributed the outage to a variety of factors, including the suspension of its service in Russia as a result of the country’s invasion of Ukraine