streaming platform Netflix on Tuesday reported the loss of about 970,000 subscribers, significantly less than the two million the company had expected.

This is the company’s second consecutive quarter of losses. which now has 220.67 million subscribers worldwide, Amid fierce competition and a war against stagnant demand.

Overall, the numbers released on Tuesday bear this out The platform avoided the worst-case scenario, and the company predicts it will grow its users again in the third quarter.

So Netflix shares, down about 67% this year on worries about future growth, They jumped as much as 8% in after-hours trading after the results.

The world’s largest streaming service also announced this It plans to launch a cheaper ad-supported option next yearAnd he warned that the dollar’s strength against other currencies is also affecting it Booked revenue from overseas subscribers.

in April Netflix said it expected to lose 2 million subscribers in the current quarterThat shocked Wall Street and raised questions about its long-term prospects.

After years of strong growth, Netflix found its landscape challenging Competitors such as Walt Disney Co, Warner Bros Discovery and Apple Inc have invested heavily in their own streaming services.

Thus, at the beginning of 2022, the platform was lost For the first time in over a decade, 200,000 customers worldwide.

A company that It has laid off hundreds of employees in recent months and recently signed a contract with Microsoft In order to introduce advertising to its service, it assured in a letter to investors that it had “adjusted its cost structure” in line with its “ongoing growth rate”.

Besides, The Californian firm posted a turnover of $7.970 million from April to June., lower than expected. They attributed it This figure is lower than expected due to the impact of the exchange rate.

However, the company had net income of $1.440 million, above forecast.

According to AFP, Reuters, EFE

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