Netflix Loses 800,000 Customers This Quarter!!!
Written by Danny P Ocean on October 25, 2011
The exodus from Netflix is in full-swing. Over 800,000 customers decided to take a hike this last quarter from the red envelope giant.
The company finished its third quarter with 23.79 million U.S. subscribers compared with the 24.59 million in had during its second quarter. In Q3, Netflix announced a 60% price increase, which went into effect in September. The company had predicted in a letter to shareholders that the impact of the price increase would be limited and the company would finish the Q3 with 25 million total subscribers. (The company lowered that estimate to 24 million in September, though.) Investors reacted by continued to punish Netflix’s already-battered stock, sending down 27% in after-hours trading.
So now the question is, how long will it take for Netflix to come back to us with their tail between their legs? At some point they will have to appease us, right?