Netflix stock plunges as subscribers quit
Netflix subscribers threatened to flee in droves when the company whacked them with a surprise price hike, which kicked in this month. Now they're making good on that threat. Netflix on Thursday cut its subscriber forecast for the current quarter, saying it now expects to end the period with 24 million customers -- down from the 25 million the company forecast just a few weeks ago. That's also down from the 25.6 million global subscribers Netflix had on June 30, the end of its second quarter. Investors punished the stock, sending Netflix (NFLX) shares down more than 14% -- even though the company did not change its earnings or sales guidance.
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