Netflix shares have lost a quarter of their value, after the company revealed on Tuesday that its subscriber count decreased in the first quarter of this year due to its exit from Russia.
This is the first time in ten years that the leading streaming television service has lost subscribers, with the company citing the suspension of its services in Russia due to Moscow’s invasion of Ukraine as the reason.
Netflix ended the first quarter of this year with 221.6 million subscribers, slightly down from the last quarter of the previous year.
The Silicon Valley technology company reported a net income of $1.6 billion in the recently completed quarter, which is $100 million less than in the same period a year earlier.
Netflix shares fell by more than 25 percent, to $258.39, following the announcement of financial results for the first quarter.
– Our revenue is not growing as fast as we would like – Netflix states in its business report.
