Netflix shares drop 23% after losing 200,000 customers

SAN FRANCISCO – Netflix’s video streaming service suffered the first loss in worldwide subscribers in its history, leading to a massive sell-off of its shares.

The company’s customer base fell by 200,000 subscribers during the January-March period, according to a quarterly report released Tuesday; its stock dropped by 23% in after-market trading.

The subscription figure was far worse than company management’s forecast for a conservative gain of 2.5 million subscribers.

The news deepens troubles that have been mounting since the streaming service enjoying a surge from a captive audience locked down during the pandemic’s early stages.