Netflix Releases Revised Subscriber Estimate, Stock Takes A Nosedive

Netflix is crashing and burning in pre-trading as the company just released a statement to shareholders that cut forecasted subscribers by 1 million users. This comes after Netflix started rolling out new plans that effectively jacked prices up 60% for the most popular plan. As of this post's writing, Netflix is down 15% [update after the jump] and falling, almost erasing the company's stellar 19% growth over the last year. The new estimate puts the company's DVD-only subscriber count at 2.2 million, down from the previous projection of 3 million. Estimates for Netflix's streaming subscriber base have been lowered as well: the user count is pegged at 9.8 million rather than the old estimate of 10 million. Even with the lower subscriber count, Netflix isn't revising its Q3 financial outlook, which it expects to still be on target despite losing 1 million subs.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/9o_t7kRFn20/

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