Netflix loses almost a million subscribers


Netflix outpaced its own gloomy quarterly forecasts, stemming subscriber losses and posting higher revenue despite a more competitive streaming landscape and challenging economic environment.

The company’s financial results, released after Tuesday’s market close, were widely anticipated. Though the loss of 970,000 paying users might typically not pass for good news, it’s a veritable win compared with the 2 million the company had expected for the three-month period that ended June 30. That sent investors rushing in, powering the stock up nearly 8 percent in after-hours trading.

Shares surged 5.6 percent ahead of Tuesday’s release, closing at $201.63, amid a broad rally…

Source: Nigerian Tribune