Netflix shares crater 20% after company reports it lost subscribers for the first time in more than 10 years

The company reported a loss of 200,000 subscribers in the first quarter. This is the first time in a decade that the streamer has reported a subscriber loss.

The company expects to lose 2 million subscribers in the second quarter.

The results are here.

• EPS: $3.53 vs$2.89, according to a Refinitiv survey of analysts.
• Revenue: $7.78 billion vs$7.93 billion, according to a Refinitiv survey of analysts.
• Global paid net subscriber additions: A loss of 200,000 compared with 2.73 million adds expected, according to StreetAccount estimates.

The company told shareholders it would add 2.5 million net subscribers in the first quarter. The number will be closer to 2.7 million.

The company said that the suspension of its service in Russia resulted in a loss of over one million subscribers. During the most recent quarter, the company added 500,000 net additions.

After the company's last earnings report in January, investors focused on new paying customers and caused the shares to plummet. Competition from other streaming platforms is having a negative impact on its growth.

Competition in the streaming space has led to an increase in content spend by Netflix. It hiked the prices of its service to pay for it. While the company is exploring other options for growth, analysts and investors are wondering what else it can do to boost revenue.

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