All the naysayers were correct. Netflix is losing money and subscribers in North America.
Netflix did add subscribers, but not in the markets where they cracked down on password sharing. They added subscribers in countries where they don’t charge very much for subscriptions. So they didn’t make much money from the new subs.
Netflix earnings are not “down,” they’re just not growing as fast as The Market wants them to. This title is heavily editorialized and wrong.