Netflix lost nearly one million subscribers between April and July — a “better-than-expected” result for the streaming giant.
Netflix reported the biggest subscriber loss in its second quarter 2022 financial results released on July 19.
However, Netflix remains the biggest global streaming platform with over 200 million subscribers worldwide.
Netflix had projected losing two million subscribers after reporting last April that it lost about 200,000 subscribers in its first quarter this year.
When asked what may have stopped the platform from losing more subscribers, Netflix Chief Executive Reed Hastings answered, “If there was a single thing, we might say ‘Stranger Things.'”
The latest season of the hit drama series came out on May 27 and has been a success.
The 25-year-old streaming service also reported that its shares were up as much as 8% in after-hours trading, but its share price has declined 67% this year.
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