Netflix is losing beloved shows, subscribers, and confidence
Netflix reported earnings on Wednesday night, and the results were disastrous. The company saw its first major loss in US subscribers last quarter, and a mere 2.7 million paid customers added globally, nearly half of what was forecast. Stocks dropped by more than 10 percent just after the report came out. It’s a terrifying slowdown for a service that’s based on subscriber growth, and raises new questions about how long the company can justify its content spending spree.
On a call after the release, Netflix executives emphasized international markets where subscriber growth is still healthy. Nearly all the company’s new subscribers were from international markets this quarter, and according to CEO Reed Hastings, there’s still plenty of...