Netflix loses more subscribers

LOS GATOS, California --

Tuesday, Netflix announced it had lost nearly a million subscribers. investors were delighted at the news.

While that may sound strange, the 970,000 customers who canceled Netflix last quarter is less than half of the predicted loss of 2 million subscribers.

Netflix stock went up by 8% in after-hours trading. Overall, the company is still struggling. Shares have lost more than 65% of their value sine the beginning of the year.

The streaming service says it plans to add one million subscribers next quarter. Netflix worries that coming down on password sharing could potentially lead them to lose even more customers.