Netflix loses 800,000 subscribers
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. Netflix spoke bluntly about the recent problems in its third-quarter earnings letter, released late Monday. "The last few months...have been difficult for shareholders, employees, and most unfortunately, many members of Netflix," Netflix CEO Reed Hastings wrote in a letter to shareholders. "We've hurt our hard-earned reputation, and stalled our domestic growth."
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