More (deservedly) bad news for Netflix: despite beating investor expectations on earnings, Netflix lost 800,000 subscribers in the third quarter this year. That was 3.3% of their base that went up in smoke in just the past three months. That's something like 8,800 subscribers calling it quits per day.
To illustrate how ugly this has been, their stock was going for $298 on July 13th. Now it's worth $92/share, down $26 in after hours trading, because of the bad news. And they still expect to lose even more subscribers.
Perhaps it's time to apologize, and roll back the stupid price increase. I would have been willing to pay more because I think Netflix is one of the best deals out there. But not 25% more, with absolutely zero increase in value.
No offense to Reed Hastings who did amazing things until this year, but maybe it's time to get a real CEO running that company now.