Streaming giant, Netflix, has recorded a staggering loss of 970,000 subscribers in the second quarter of 2022.
The PUNCH reports that the company lost about 200,000 subscribers in the first quarter of 2022, the highest in over a decade.
Netflix believes that factors hampering its growth include the time it is taking for homes to get access to affordable broadband internet service and smart televisions, along with subscribers sharing their accounts with people not living in their homes.
The present numbers, however, faired better than earlier projections by the company itself, which predicted a loss of 2 million subscribers by Q2, earlier in the year.
In a Securities and Exchange Commission filing, Netflix expressed optimism and confidence in its ability to weather the storm, the NBC News reports.
“Reaccelerating our revenue growth is a big challenge,” the statement read, “But we’ve been through hard times before. We’ve built this company to be flexible and adaptable and this will be a great test for us.
“We’re confident and optimistic about the future.”
Despite the loss, the company forecasts that about one million new subscribers will join the service by the end of the third quarter.