I see a lot of focus on the "lost 200 000 subscribers", but less acknowledgement that they kicked 700 000 Russians off the subscriber list, meaning they actually grew by 500 000 subscribers (still well short of wall streets expectation of 2.5 million.) So in one sense it's a one-time drop, not a trend. Does Netflix have more competition than before? sure. Is it growing as fast as before? no, especially as they reach…
If wall street expected 2.5 million (most likely based on past growth and stock valuation) and Netflix reports a growth of 500k (if you keep the Russians in mind), it's a really really terrible result. It's 5 times below expectations.
For me it looks like this could just be the beginning and they're losing a lot more in the following years.