The daily business briefing: July 20, 2022

Netflix loses fewer subscribers than expected, cruise-line stocks gain after the CDC ends COVID program, and more

Netflix
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1. Netflix loses subscribers, but fewer than expected

Netflix on Tuesday reported a second straight quarter of subscriber losses for the first time in its history, although the quarterly loss was smaller than expected. The streaming video company said it lost 970,000 paid subscribers, down from a projected two million. Netflix estimated it would gain one million new subscribers in the new quarter. The news sent Netflix shares rising 6 percent in after-hours trading. The stock has fallen by two-thirds this year as the company lost some of the customers it gained earlier in the coronavirus pandemic, when entertainment options outside the home were limited. Netflix said in a letter to shareholders that it would soon roll out its lower-priced, ad-supported subscription tier in "a handful of markets."

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