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Netflix Stock Falls 37% as Subscribers Depart
Netflix’s stock was down nearly 37% in premarket trading Tuesday, after the company disclosed a loss of 805,000 subscribers in the third quarter.
Netflix ended the quarter with 23.79 million U.S. subscribers. Shares were trading for about $75 ahead of the open — a long way from its $300 high this summer.
The subscriber loss was provoked by a 60% price hike on Netflix’s DVD rental and online streaming services in September. At the time, the company estimated that the change would have little effect on its subscriber base and expected to finish Q3 with 25 million total subscribers, which it later revised to 24 million.
The rest of Netflix’s numbers were strong, however. The company exceeded analysts’ estimates with a record $822 million in revenue for the quarter and earnings of $1.16 per share, up 49% over the same period a year ago.
About Sukh
A Young Software Developer, who loves Web Development, i work hard to make sure I am always strong in the area's of PHP and Mobile Developmental. I have been doing this as a hobby since the age of 14, but on my spare time you can find me out with friends, playing video games, writing poetry, out at the pub and of course reading comic books!
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