Netflix Reports Subscriber Loss, Stocks Tank

Netflix announced yesterday that it lost 200,000 subscribers in the first quarter of this year. The streamer now has 221.6 million subscribers globally and expects to lose another two million in the second quarter of the year. The loss comes as they were expected to add an additional 2.5 million subscribers in the first quarter. Stock was also down as much as 25% and it’s first quarter profit was $1.6 billion as opposed to $1.7 billion in the past quarter, but revenue jumped nearly 10 percent to 7.9 billion. Netflix cited password sharing and pulling out of Russia for the decline.