Daily Business Briefing for July 19, 2022 – The New York Times

by | Jul 19, 2022 | Business

Disaster has been averted at Netflix.The streaming giant said in its earnings report on Tuesday that it lost nearly one million subscribers in the second quarter. That’s the largest subscriber defection in company history, but fell far short of the two million it had originally forecast during its dismal first quarter report in April.When Netflix announced that it lost 200,000 subscribers in the first quarter and expected to lose many more in the second, it suggested to many in Hollywood and on Wall Street that the halcyon days of endless growth in the streaming business had come to an end.The company still had a rough three months, but it did see its revenue grow 9 percent to $7.9 billion, a number that would have been higher had the value of the dollar not pushed down the value of currencies around the globe. And it told investors it could add back one million subscribers in the coming quarter. Netflix now has about 220.7 million subscribers worldwide.“First and foremost, we need to continue to improve all aspects of Netflix,” the company wrote in its shareholder letter, adding that its focus would remain on its core service of providing streaming content to subscribers while not worrying about other potential revenue streams as its primary competitors do.“This freedom means we can offer big movies direct to Netflix, without the need for extended or exclusive theatrical windows, and let me …

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