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AP National Business

Netflix shares drop 23% after it loses 200K subscribers

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Published 3:39 PM

By MICHAEL LIEDTKE
AP Technology Writer

SAN FRANCISCO (AP) — Netflix’s video streaming service suffered the first loss in worldwide subscribers in its history, leading to a massive sell-off of its shares. The company’s customer base fell by 200,000 subscribers during the January-March period,  according to a quarterly report released Tuesday; its stock dropped by 23% in after-market trading. The subscription figure was far worse than company management’s forecast for a conservative gain of 2.5 million subscribers. The news deepens troubles that have been mounting since the streaming service enjoying a surge from a captive audience locked down during the pandemic’s early stages.

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