Netflix Q2 Earnings Show 970,000 Subscribers Dumped Service

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Despite the success of “Stranger Things 4,” the market-leading streamer lost customers for the second consecutive quarter

Netflix Earnings
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Netflix reported on Tuesday that it suffered a second straight quarter of customer losses as the steaming giant combats increased competition from studio rivals and consumer belt tightening in the face of inflation, but the 970,000 subscriber loss was still better than Wall Street expected.

Crucially, Netflix is projecting 1 million subscriber additions in the third quarter, adding to the 220.67 million subscribers globally. Looking even further ahead, the company said it hopes to unveil its ad-supported tier in early 2023 — a lower-cost service that some analysts believe could add four million new subscribers in the U.S. and Canada next year.