Netflix loses a million paid subscribers - 5x more than its Q1 loss

Popular video streaming platform Netflix has announced that it lost nearly one million paid subscribers in the second quarter of this year.

In the second-quarter earnings report, the company revealed that it lost 9,70,000 subscribers, which is more than the 2,00,000-member decline from the first quarter.

"The second quarter was better-than-expected on membership growth, and foreign exchange was worse-than-expected (stronger US dollar), resulting in 9 per cent revenue growth (13 per cent constant currency)," the company said in a statement.

"Our challenge and opportunity is to accelerate our revenue and membership growth by continuing to improve our product, content, and marketing as we have done for the last 25 years, and to better monetise our big audience," it added.

Netflix said it 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.

According to Netflix, revenue increased 9 per cent year over year from $7.3 billion in 2021 to $7.97 billion this quarter.

In April, the 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.

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