Netflix's subscription video streaming service has seen a dip in customers for the first time in over a decade.
Netflix subscribers have decreased as a result of global inflation, Ukraine, and intense competition, according to the company. Netflix, which made a lot of money during the pandemic, has predicted that subscription numbers would continue to fall in the following days.
In the first quarter of 2022, Netflix lost 200K+ subscribers. During this time, Netflix was expected to add 2.5 million new customers.
Following Russia's invasion of Ukraine, even Netflix has suspended its services in Russia. As a result, 700,000 Russian users have left.
Netflix's stock dropped 26% on Tuesday on news of a decline in the number of Netflix customers.