Giant running Netflix (NASDAQ: NFLX) reported a net loss of 200,000 subscribers in the first quarter. The loss was the first subscriber decline the company has reported in more than 10 years.
Here’s a look back at where Netflix was trading at the time and how investors fared along the way.
What happened: Netflix is over The first quarter 222 million subscribers. The company reported a net loss of 200,000 subscribers with the US and Canada regions losing 600,000 subscribers in the quarter. The suspension of services in Russia also affected the total number of subscribers.
Netflix is losing 2 million subscribers in the second quarter.
This was the first quarter that Netflix reported a decline in global subscribers since October 2011.
It’s been so long since Netflix reported a drop in subs that the last time the company did, the majority of its customers were still using mixed plans of DVD by mail and streaming titles.
In October 2011, Netflix mentioned It ended the quarter with 23.8 million subscribers, down 800,000 from the previous quarter. The company reported that it has 14 million customers who receive DVDs and 21.5 million customers who use the streaming service, with many subscribing to both.
Invest $1,000: The last time Netflix reported a quarterly loss to subscribers, the streaming company’s shares fell, similar to what happened this week.
Netflix shares closed at $16.98 in October. 24, 2011, and trading opened at $10.70 the next morning.
For $1,000, the investor could have purchased 93.46 shares of Netflix in October. 25, 2011.
That $1,000 investment would be worth $2,0394.84 today, representing a return of 1,939.5%.
picture: Sami Sander from Pixabay
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”