Raised by @bluefuton
@rachelmcr reported that the subscription counts for the same blog are different in feed view and site view.
I've manually fixed the example she originally provided (https://wordpress.com/read/blog/id/77165854 vs https://wordpress.com/read/blog/feed/35435606) but here are screenshots of the problem:


It looks like the feed count is the wrong one. It comes from Feedbag (feedbag.subs) which doesn't appear to be synced properly with the actual count from the subscription matrix.
Let's track any further examples here.
Note from @rachelmcr
I have another example from my own blog: http://happylinguist.com/
Site view (675 followers): https://wordpress.com/read/blog/id/48063327
Feed view (339 followers): https://wordpress.com/read/blog/feed/33964912
Another example of this issue came up on the WP.com forums.
Feed view incorrectly shows 2 followers: https://wordpress.com/read/blog/feed/44067393

Blog view correctly shows 375 followers: https://wordpress.com/read/blog/id/49378121

Thanks @SiobhyB!
I've have something in the works to sync the subscriber count with the subscription matrix each time a follow or unfollow happens.
Should be fixed by #3760
Fixed in #3760.
This issue seems to be back, and the fix in #3760 doesn't seem to be working anymore.
When I view a site in the Reader, I'm seeing the feed subscriber count instead of the site subscriber count, and there's a discrepancy between the two. I confirmed by checking the site's follower count and the feed follower count returned by the rest api, and the (inaccurate) feed follower count is what appears on the site details page in the Reader.
For example, my site's total follower count is listed as 832 when I check the /sites/happylinguist.com/stats/followers endpoint, but it's listed as 533 when I check /read/feed/47062866 and that's what appears in the Reader: https://wordpress.com/read/blogs/48063327
Reported by a user (internal ref: 204792-h).
This was also reported here 637227-hc
The Reader shows 4878 followers and the Stats show 4153
Another report in 760003-zen
Reader shows 509, stats and the are showing /stats/followers endpoint is showing 390.
Link of user reported by @chad1008 - https://wordpress.com/read/feeds/39969592
@blowery this has been coming up a bit in user requests - do you think we should up the priority?
Possibly another case in 883030-f
Feed link: https://wordpress.com/read/feeds/73951953
Most helpful comment
Fixed in https://github.com/Automattic/wp-calypso/pull/19961 馃帀