Netflix Q2 Earnings Show 970,000 Subscribers Dumped Service

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

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.

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Brandon Katz

Brandon Katz is TheWrap's Senior TV Reporter. He has served as a reporter, commentator and contributor at several publications, including Morning Brew, Observer, and Forbes. He has a BA in Electronic Journalism from GMU. Follow him on Twitter: @Great_Katzby