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Netflix shares plunge more than 30% on Wall Street after the company confirmed the loss of approximately 200,000 users in the first quarter of 2022.
The drop comes after tremendous growth throughout the pandemic, gaining millions of users per quarter through 2021. And the future doesn't look any better; Netflix expects to lose two million more subscribers this quarter, possibly wiping out gains made over the past two years.
Despite all this, Netflix has avoided blaming the downturn on the end of anti-COVID-19 measures such as throttling, claiming that only "overshadows" the real reasons.
Instead, Netflix CEO Reed Hastings is adamant that the company is having trouble getting all the revenue it should, in part because many of the people who use its platform don't pay for it. In particular,...