Netflix shares plunge as subscribers drop

By Agence France-Presse

Apr 21, 2022 12:06 am

SAN FRANCISCO, California: Netflix shares lost a quarter of their value on Tuesday (Wednesday in Manila) after the company revealed its ranks of subscribers shrank in the first three months of this year.

It was the first time in a decade that the leading streaming television service had lost subscribers. The company blamed the quarter-on-quarter erosion to the suspension of its service in Russia due to Moscow's invasion of Ukraine.

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