San Francisco: Netflix on Tuesday reported losing subscribers for the second quarter in a row as the streaming giant battles fierce competition and tightening audience belts, but the company assured investors of better days.
The loss of 970,000 paying subscribers in the most recent quarter was not as big as expected, and left Netflix with only 221 million subscribers.
"Difficult in some ways, losing a million and calling it a success, but really we're pretty well set up for next year," company co-head and founder Reed Hastings said in an earnings presentation.
The company said in its earnings report that it expected to achieve one million paid subscribers in the current quarter.
Netflix shares were up slightly in post-market trading -- a sign that investors remained loyal.
Analysts noted that the results, even if not as bad as had been expected, were still troubling.
"Netflix's subscriber loss was expected, but it's a pity for a company that is completely dependent on subscription revenue from consumers," said analyst Ross Baines.
Baines said that "unless it finds more franchises that resonate widely, it will eventually struggle to stay ahead of the competitors who are after its crown."