Netflix
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Netflix on Tuesday said that it had suffered its first subscriber loss in more than a decade, The Associated Press reported.

The company's customer base fell by 200,000 subscribers during the January-March period, according to its quarterly earnings report. This marks the first time that Netflix's subscribers have fallen since the streaming service became available throughout most of the world outside of China six years ago.

The drop this year stemmed in part from Netflix's decision to withdraw from Russia to protest the war against Ukraine, resulting in a loss of 700,00 subscribers.

Netflix, however, acknowledged its problems are deep rooted by projecting a loss of another 2 million subscribers during the April-June period.

Following the report, Netflix shares plunged 25 per cent in extended trading amid concerns that the pioneering streaming service may have already seen its best days.

If the stock drop extends into Wednesday's regular trading session, Netflix shares will have lost more than half of their value so far this year -- wiping out about US$150 billion in shareholder wealth in less than four months, according to AP.

Netflix also lost 800,000 subscribers in 2011 after it unveiled plans to begin charging separately for its streaming service, and also saw a decline in US subscribers in 2019.

The latest subscriber loss was far worse than a forecast by Netflix management for a conservative gain of 2.5 million subscribers. It marked the fourth time in the last five quarters that Netflix's subscriber growth has fallen below the gains of the previous year.