Netflix Lost More Subscribers in Q2 but Half as Many as Forecast
Netflix Q2 paid net subscriber losses reached 970,000, roughly half of the 2 million losses it had forecast in April (see 2204190066), reported the company in its quarterly shareholder letter Tuesday. The Q2 losses were up 385% from its 200,000…
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losses in Q1. Netflix finished 2022's first half with 1.17 million net losses compared with 5.52 million net additions in January-June a year earlier. Netflix plans to launch its ad-supported VOD tier “around the early part of 2023,” having just picked Microsoft as its ad technology and sales partner (see 2207130048). Netflix is in the early stages “of working to monetize the 100m+ households that are currently enjoying, but not directly paying for, Netflix” through shared passwords, said the letter. It’s testing two different approaches in Latin America “to learn more,” it said. Netflix shares were trending 15.2% higher Tuesday in after-hours trading.