Netflix loses 1M users

Netflix announced Tuesday that it lost its largest number of subscribers in the last three months on Tuesday, though the figure beat its expectations.

According to the streaming service’s quarterly earnings report, Netflix lost
970,000 subscribers, beating its originally forecast 2 million subscriber loss in an April shareholders letter.

Netflix stock jumped after the release of the better-than-expected earnings on Tuesday.

But the company, still reeling after a challenging year and growing competition, said it will push forward with plans to add an ad-supported model and features designed to crack down on account sharing.