Netflix loses 800,000 subscribers

[learninmypc]

For Netflix, the hits keep on coming -- the bad kind.

The latest thwack: Netflix lost 800,000 U.S. subscribers in the quarter that just ended, which was littered with PR nightmares including a price hike and the Qwikster debacle. It was the first time in years that Netflix's U.S. customer base shrank instead of growing. 800.000

 

[Mizzou]

But the real debacle came just three days later, on September 18. Netflix CEO Hastings announced that the company's movies-by-mail service would be rebranded as Qwikster, while the Netflix brand would be dedicated to streaming video.

Had Netflix not reversed course on this decision I would have likely switched to Blockbuster.

 

[learninmypc]

Had Netflix not reversed course on this decision I would have likely switched to Blockbuster.

You're lucky,I don't think any Blockbuster survived in my area any more. No biggie to me, I watch my movies @ crackle.com or youtube. If I feel like watching irrelevant commercials,I use hulu.

 

[SNGX1275]

Its not all doom and gloom at Netflix.

Despite the decline in subscribers, the company did well financially in the quarter. It reported net income of $62.5 million, or $1.16, a share, compared with $38 million, or 70 cents a share, in the year-earlier quarter. Revenue rose 49 percent to $822 million. Both revenue and income topped analysts’ expectations.

Source: NY Times