Netflix Shares Take a Plunge
After announcing today that they lost 800,000 U.S. subscribers in the third quarter after a recent price hike, Netflix shares dropped 37 percent to .28 at 9:39 a.m. EST. This marks the company's steepest intraday decline since October 2004.
The plummet is thanks to a after the company raised their prices and attempted to offer separate DVD and streaming services. Losses in 2012 are predicted because Netflix has plans to offer content in the UK and Ireland, which will cost more money.
that he has no plans to step down from his position, and that there won't be any "grand gestures" in terms of getting more subscribers.
He said: "Our streaming marketing has been very effective in the past two years," Hastings said. "We are going to work on improving the user interface, expanding to more platforms and delivering more content.
Video: Netflix shares plunge after slow subscriber growth | Fortune
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