{"id":34027,"date":"2011-10-25T03:10:00","date_gmt":"2011-10-25T11:10:00","guid":{"rendered":"http:\/\/localhost\/?p=34027"},"modified":"2011-10-25T03:10:43","modified_gmt":"2011-10-25T11:10:43","slug":"netflix-stock-plummets-35-after-hours-as-subscribers-abandon-crumbling-service","status":"publish","type":"magazine","link":"https:\/\/brainstation.io\/magazine\/netflix-stock-plummets-35-after-hours-as-subscribers-abandon-crumbling-service","title":{"rendered":"Netflix stock plummets 35% after-hours as subscribers abandon crumbling service"},"content":{"rendered":"<p><img decoding=\"async\" style=\"float: right; margin: 15px; border: 2px solid black;\" src=\"http:\/\/www.blogcdn.com\/www.engadget.com\/media\/2011\/09\/netflix-canada-09-22-2010.jpg\" alt=\"\" width=\"300\" height=\"200\" \/>Netflix has fallen from grace. Hard.<\/p>\n<p>From a high of $300 in July, the share price of NFLX has <a href=\"http:\/\/ca.finance.yahoo.com\/q?s=NFLX\" target=\"_blank\">plunged<\/a> deep into the abyss. When Netflix doubled the price of its combined DVD-and-streaming service months ago, subscribers fled. Then, when CEO Reed Hastings <a href=\"http:\/\/www.techvibes.com\/blog\/netflix-kills-qwikster-before-it-leaves-the-womb-2011-10-10\" target=\"_blank\">attempted to introduce Qwikster<\/a>, investors fled. And now Netflix has released an ugly report and forecast that saw its stock plummet a further 35% to just $41, losing billions and billions in market cap.<\/p>\n<p>The video streaming and DVD-by-mail service company lost nearly a million U.S. subscribers in the third quarter&mdash;as many as <a href=\"http:\/\/www.techvibes.com\/blog\/netflix-attracts-800000-canadian-subscribers-in-6-months-2011-04-26\" target=\"_blank\">Canada previously gained in 6 months<\/a>. This is&nbsp;far more than was expected, and Netflix predicts further cancellations to occur. Plus, overseas expansions are burdening the company&#8217;s suddenly tight capital, causing the company to turn from profitable to experiencing losses into 2012.<\/p>\n<p>Netflix&#8217;s market value peaked at $16 billion July but now sits at just $4 billion.<\/p>\n<p>Canadians <a href=\"http:\/\/www.techvibes.com\/blog\/canadians-to-have-comparable-netflix-content-to-us-2011-10-25\" target=\"_blank\">seem to be getting more attention<\/a> from Netflix but it&#8217;s no longer the trusted brand it once was.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Netflix has fallen from grace. Hard. From a high of $300 in July, the share price of NFLX has plunged deep into the abyss. When Netflix doubled the price of its combined DVD-and-streaming service months ago, subscribers fled. Then, when CEO Reed Hastings attempted to introduce Qwikster, investors fled. And now Netflix has released an [&hellip;]<\/p>\n","protected":false},"author":55555,"featured_media":34029,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"magazine-region":[],"magazine-series":[],"magazine-topic":[],"class_list":["post-34027","magazine","type-magazine","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/34027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine"}],"about":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/types\/magazine"}],"author":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/users\/55555"}],"version-history":[{"count":0,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/34027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media\/34029"}],"wp:attachment":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media?parent=34027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/categories?post=34027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/tags?post=34027"},{"taxonomy":"magazine-region","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-region?post=34027"},{"taxonomy":"magazine-series","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-series?post=34027"},{"taxonomy":"magazine-topic","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-topic?post=34027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}