Why Netflix’s Shocking Subscriber Loss Is a ‘Body Blow’ to Streaming Giant

The once high-flying stock collapsed as a drop in subscribers, lowered revenue, and execs presented no clear plan to turn that around quickly

The rallying cry “I cut the cord” that defined a generation of binge watchers and movie addicts is over.

Netflix is hemorrhaging subscribers at a pace that blindsided Hollywood and sent Wall Street diving for cover on Wednesday. The streamer’s first-quarter earnings report revealed the decade-long run of meteoric growth in subscribers gave way to a net decline of 200,000 customers when Netflix forecast it would add 2.5 million signups.

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Joe Bel Bruno

Joe Bel Bruno is TheWrap's Editor at Large, Business. He most recently served as the Founding Editor of the business news site dot.LA. He was previously the Managing Editor of Variety, and served as Deputy Business Editor and later Deputy Entertainment Editor at the Los Angeles Times. Bel Bruno also ran markets coverage for The Wall Street Journal. Before that, he was an award-winning reporter at the Associated Press in New York, and held senior posts in London and New York for Knight Ridder Financial.