Netflix has lost 200,000 U.S. subscribers in the first quarter of 2022, marking its first drop in customers in more than a decade, the company announced Tuesday.
It attributed the losses to factors such as stronger competition, the Ukraine-Russia conflict and password sharing.
In a letter to shareholders, the entertainment company said it relied on password sharing within households to fuel growth early on, but that in addition to its 222 million paying subscribers, there are now an estimated 100 million households using someone else’s account.
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