Netflix Says It Lost Nearly 1 Million Subscribers, and Breathes a Sigh of Relief

Disaster has been averted at Netflix.

The streaming giant said in its earnings report on Tuesday that it lost nearly one million subscribers in the second quarter. That’s the largest subscriber defection in company history, but far short of the two million it forecast during its dismal first quarter report in April.

When Netflix announced that it lost 200,000 subscribers in the first quarter and expected to lose many more in the second, it…