Netflix loses 970,000 subscribers, its largest quarterly loss ever

During the three-month period ending June 30, Netflix reported a loss of only 970,000 subscribers. Last quarter, the company had a weak outlook for the second quarter and predicted a net loss of two million subscribers. While today’s results beat the projection, it is still the largest quarterly loss in the company’s history. The company reported a total of 220.67 million subscribers and said it expects to add one million in the third quarter. Netflix has spent a couple of months adjusting its business strategy to prepare for the challenges it expects to face. The company laid off around 450 employees, announced a cheaper ad-supported subscription plan with a new partnership with Microsoft and put its foot down on password sharing.

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