As expected, Netflix subscribers deserted the company in droves last quarter, after it raised prices on a popular subscription plan and spooked them with a now scuttled attempt to spin off DVD-by-mail operations.
Overall, 800,000 customers fled the company in the quarter ending September 30. Netflix reported 23.8 million domestic subscribers in the quarter, 200,000 fewer than the 24 million the company projected it would have back in September. Even that figure had been revised down from initial estimates of 25 million.
Wall Street is treating the news as a disaster. In after-hours trading Netflix shares plunged $… Read more