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Netflix shares drop 22% after it loses 200K subscribers

HOUSTON, TEXAS - APRIL 19: In this photo illustration, the Netflix website is shown on a laptop on April 19, 2022 in Houston, Texas. The company Netflix is expected to report its first-quarter earnings after the close of trading later today. The report will be for the fiscal Quarter ending March 2022. (Photo Illustration by Brandon Bell/Getty Images)

SAN FRANCISCO (AP) — Netflix’s video streaming service suffered the first loss in worldwide subscribers in its history, deepening troubles that have been mounting since enjoying a surge from a captive audience locked down during the pandemic’s early stages.

The company’s customer base fell by 200,000 subscribers during the January-March period, according to a quarterly report released Tuesday. That was far worse than a conservative gain of 2.5 million subscribers forecast by Netflix management.

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