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Netflix Loses Over 800,000 Customers in Q3

Submitted by on October 25, 2011 – 2:13 pmNo Comment

We recently reported tumultuous times for Netflix, their investors and their stock price. Following their notorious price-hikes, and Qwikster fiasco, Netflix has now reported that they’ve lost over 800,000 customers in Q3. It seems as if the quick price hike without any real explanation is what Netflix is calling the reason for the mass exodus. Neflix finished off the quarter with 23.79 million U.S. based subscribers, which still seems like a whole heck of a lot, that is until compared to the 24.6 million subscribers with which they started the month. As one might expect, this report has continued to wreak havoc on the already battered stock which is off 37% from June 25 before they announced their price hikes. Now that the impending Netflix hammer has been dropped on your wallet, have you dropped DVD delivery, kiboshed streaming, or continued to just illegally watch content on the Internet? I’m not an analyst by a long shot, but it looks as if Netflix is headed towards bottoming out and might be a nifty pickup as they begin to expand their business to Europe. As always, buyer beware.

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