Netflix announced its already lost a massive amount of subscribers in 2022, falling significantly short of its predictions for the first quarter.
The company announced the loss of 200,000 subscribers, marking reported losses for the first time in more than a decade, having last reported loss in October 2011, NBC News reports.
Netflix had previously predicted it would add 2.5 million subscribers during the first quarter of 2022.
The loss comes after the global streaming giant suspended service in Russia following President Vladimir Putin's decision to invade Ukraine, which resulted in the loss of 700,000 members.
Netflix currently has 221.6 million subscribers, but is expected more losses during the second quarter of 2022.
The company's outlook is now projecting 2 million subscribers lost, despite the anticipated returns of its popular Stranger Things and Ozark series, as well as the debut of the film The Gray Man.
Netflix's first quarter revenue grew 10% to $7.87 billion, but fell short of Wall Street's projections of $7.93 billion, to report per-share net earnings of $3.53.
“The large number of households sharing accounts -- combined with competition, is creating revenue growth headwinds. The big COVID boost to streaming obscured the picture until recently,” Netflix said in a statement obtained by NBC News, explaining the difficulties of signing up new customers.
Netflix remains the top global streaming service, but has recently faced intense competition from Amazon.com, as well as traditional media companies such as Walt Disney Co., Apple Inc. and Warner Bros Discovery Inc., that have launched their own streaming services in recent years.