Get Woke, Go Broke! Netflix Subscribers Tumble in the First Quarter

For the first time in more than a decade, Netflix lost hundreds of thousands of subscribers. Forecasters predict a gloomy future for the streaming giant.

They lost over 200,000 subscribers despite projections of gaining 2.5 million subscribers. Their stock dropped 23 per cent in after-market trading on Tuesday afternoon.

Elon Musk chimed in on Twitter with his thoughts regarding the bad news for Netflix.

Sometimes one word is all it takes. At least when you are Elon Musk.

Netflix said: ‘The large number of households sharing accounts — combined with competition, is creating revenue growth headwinds. The big COVID boost to streaming obscured the picture until recently.’