NetFlix Stock Plummets
NetFlix is feeling the burn of their price hick now. As of yesterday they had lost over half a million subscribers and found their stock had dropped 60 percent.
This month is the first month that NetFlix subscribers have seen the price increase for a product they have been enjoying for a low price for so long. Yesterday was not a very joyous day for the DVD rental company.
In June they had 600, 000 more subscribers than yesterdays numbers revealed. Looks like people are dropping the company's services after the price hike and the fact that they will be losing all Starz programming very soon. This has resulted in their stock falling big time. It went down $39.46 a share, which will end up costing investors near $6 million.
According to Yahoo Finance, the drop in stock and loss of customers isn't going to change the companies course of action yet. Even with fewer subscribers they will still bring in nearly $10 million more then they were bringing in this June. That of course thanks to the price hike.