Customer Defections Wallop Netflix

[ECTNews]

 Unexpectedly high customer losses for Q3 sent Netflix stock into a tailspin in after-hours trading Monday, driving share prices down more than 30 percent overnight. The online video and DVD-by-mail provider lost 800,000 customers during the quarter behind it, and it projected a net loss for the quarter ahead. After a price reshuffling in July, the company expected to lose around 600,000 customers. Instead, Nexflix's total customer count now stands at 23.79 million, down 800,000 from the 24.59 million it had three months ago.

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