Things aren’t looking good for Netflix as the company’s quarterly report (released yesterday) revealed that the video service has lost 800.000 subscribers in the third quarter — as the result of a big price hike and other terrible business decisions. But that’s not the bad news, this is the bad news (over $2.1 Billion in value gone):
What’s worse is that this trend is likely to continue, as Netflix announced that it plans to be unprofitable next quarter by opening the video service in the UK. In addition to that, Netflix said it expects to lose even more subscribers by the end of the current quarter.
If things keep going like this for Netflix, it will be time to once again hoist sails for the open sea, yar har fiddle dee dee!
PS: On the plus side, this could be a good time to buy a few NFLX shares.
