Netflix's stock price fell so fast last month it made the Wile E. Coyote whistle sound effect of a bomb plummeting to earth. The company blamed its subscribers—the password sharers and exiled Russians, specifically—as a big reason for the drop. Analysts and company critics who spoke to Gizmodo told a different story, though, one of how a company that accrued large amounts of debt to finance its dominance could no longer support itself when subscriber numbers at last began to ebb. The most popular streaming service in the world reported on its April 19 Q1 earnings call that it had lost 200,000 subscribers where it originally expected to gain 2.5 million . It forecast doom and gloom for next quarter as well, with a predicted loss of two million more. Advertisement The company has started laying off employees and shutting down long-anticipated productions in order to stave off further decline. In the Q1 earnings call , co-CEO Reed Hastings laid the issue partially at the feet of consumers. Alongside competition from the likes of Hulu, Apple, and Amazon, he said the company's biggest issues were: 100 million subscribers who share passwords with friends and family, with 30 million of those… Read full this story
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