Mashable: In the second quarter, the streaming service reported losing 970,000 customers.

Following Netflix's announcement that it lost fewer customers than expected in the second quarter, its stock price soared.

After announcing that it will lose more members than previously expected in the second quarter, Netflix has confirmed its forecast—though it wasn't as awful as expected. In the second quarter, the streaming service reported losing 970,000 customers. The reduction from Q1 was 200,000 members, so this is a lot better than the 2 million members Netflix was willing to give up.

As a result of "higher-than-anticipated" subscriber growth in Asia-Pacific, the business reported a little better than projected financial performance. Despite a declining client base and poor exchange rates for the US dollar, the corporation had a net profit of $1.44 billion. According to Netflix, currency exchange rates provide a significant challenge when approximately 60% of income is generated outside of the United States.

Net additions are expected to surpass 1 million in the third quarter, erasing some losses in the first half of the year, according to the business, which presently has 220.67 million members. Netflix was expected to rise by approximately 1.8 million subscribers, according to analysts.

A lower-priced ad-supported tier is expected to be released in early 2023, and the business aims to debut it in a "handful of areas" where ad spending is already high. Moreover, the business is experimenting with concepts that include charging for extra residences in an effort to combat account sharing. There is a possibility that the finalized sharing system may be implemented in 2023.

Netflix attracted 4.4 million new subscribers a year ago, so this is a significant increase over the previous six months. To the streaming giant’s rescue, Stranger Things 4 is Netflix's most-watched season with more than 1.3 billion hours.