Netflix Users Unsubscribe in Droves, Shares Plummet

Oct 25, 2011


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Netflix posted third-quarter customer losses that were worse than the company forecasted last month. According to Bloomberg.com, the number of domestic subscribers fell to 23.8 million as of September 30, from 24.6 million three months earlier. Netflix's share price closed on Monday, October 24, at $118.84.

More subscribers are expected to cancel their service due to the 60% price increase from July. Netflix had previously projected retaining 24.9 million users at the end of this quarter.

According to Netflix's website, the share price had fallen to $79.17 by 11am Tuesday.

(www.netflix.com)