{"id":10887,"date":"2011-10-24T18:10:46","date_gmt":"2011-10-24T18:10:46","guid":{"rendered":""},"modified":"2011-10-24T18:10:46","modified_gmt":"2011-10-24T18:10:46","slug":"Netflix-loses-810-000-US-subscribers","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=10887","title":{"rendered":"Netflix loses 810,000 US subscribers"},"content":{"rendered":"

Netflix shares plunged in after-hours trading on Monday after the US video service said it lost more US subscribers in the third quarter.<\/p>\n

Netflix, which has seen a spate of management bungles in recent months, said it had 23.8 million subscribers in the United States at the end of the quarter, a loss of 810,000 from the previous quarter.<\/p>\n

Netflix said net profit rose 65 percent to $62 million in the third quarter compared to the same quarter a year ago while revenue was up 49 percent to $822 million.<\/p>\n

While revenue and earnings per share came in better than expected by Wall Street analysts it was the loss of US subscribers that sent Netflix shares down a whopping 26.91 percent in after-hours trading to $86.85.<\/p>\n

Netflix appeared to be at the end of a second wave of cancellations by subscribers irked by a price hike, according to executives.<\/p>\n

“We greatly upset many domestic Netflix members with our significant DVD-related pricing changes, and to a lesser degree, with the proposed-and-now-cancelled rebranding of our DVD service,” Hastings said.<\/p>\n

“In doing so, we’ve hurt our hard-earned reputation and stalled our domestic growth,” he said.<\/p>\n

Netflix on Monday announced plans to expand its online streaming service to Britain and Ireland in early 2012 but said it could lead to a net loss in the first quarter of next year because of costs associated with the move.<\/p>\n

“We are eager to get back to our international expansion but we need to take a few quarters to get our subscriber base back,” Hastings said.<\/em><\/p>\n

Great example of “If it ain’t broke, don’t fix it!” I loved Netflix until they started messing around with the prices and services. I cut my service to the lowest priced offering.<\/strong>
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