Entertainment services provider Netflix (NFLX) recently reported first-quarter earnings of $3.53 per share, beating the consensus estimate by 22.1% and its own guidance by 23.4%. However, EPS declined 5.9% year-over-year.
The streaming giant lost 200,000 paid subscribers in the quarter, missing its guidance of 2.5 million subscriber growth. Growing competition, account sharing, high inflation, and its exit from Russia led to the huge subscriber loss. The company expects these factors to lead to a two million subscriber loss in the second quarter.
