It’s hard to see the current situation at Netflix (NFLX) as anything short of disastrous. The video streaming company reported a historically bad quarter in Q1 202, for the first time in a decade. Netflix lost 200,000 subscribers, falling well short of its guidance (+2.5 million subscribers). A decision in early March to suspend service in Russia after its invasion of Ukraine resulted in the loss of 700,000 subs. While Netflix expects subscriber growth to be positive for the year, operating margin guidance of 19%-20% for 2022– flat– is down from its earlier expectations for an average annual margin expansion of 19%-20%.