The number of Netflix subscribers has fallen for the first time in more than a decade.
The streaming company lost 200,000 members in the first three months of the year, the company said on Tuesday.
The declines came after the firm raised prices in key markets including the US and UK, while pulling out of Russia.
But Netflix warned that more losses are coming, and it hinted it will start to crack down on account sharing as it pushes to sign up new members.
In a letter to shareholders, Netflix said a surge in sign-ups it saw during the pandemic had “obscured the picture”.
It warned investors it expected another two million subscribers to leave in the three months to July.
“Our revenue growth has slowed considerably as our results and forecast below show,” the company said as it released its quarterly results.
“Our relatively high household penetration – when including the large number of households sharing accounts – combined with competition, is creating revenue growth headwinds.”
The last time the company lost members in a quarter was October 2011. It still boasts more than 220 million subscribers globally.That marked a slowdown from earlier quarters, while profits fell more than 6% to roughly $1.6bn.
