For the first time in a decade, Netflix said that it had lost more paying viewers than it added, even as its revenue grew, pushing its stock price down by more than 20 percent in after-hours trading.
, Netflix attributed the net loss in the January-March period to its decision last month to suspend services in Russia in protest of the Kremlin’s Feb. 24 invasion of Ukraine.The drop comes amid a larger trend of shrinking viewership, with the streaming service projecting that it will lose a further 2 million subscribers in the next three-month quarter ending in June.
It still said revenue would grow to almost $8 billion in that period, a 10 percent increase from the same time last year. The company also retains a paying audience of over 220 million, more than double what it had five years ago.But the unexpected drop in paying viewers — the company had said in January it expected paying customers to increase by 2.5 million — reflects a steady slowdown in business.
To address the slump, Netflix said it would seek to monetize the millions of nonpaying viewers who have benefited from account sharing. The company estimates that 100 million households, including over 30 million in the United States and Canada, are sharing accounts.Reed Hastings, Netflix co-chief executive, speaking to investors via video. “We’re working on how to monetize sharing,” he said. “Remember, these are 100 million households that already are choosing to view Netflix.
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