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23 Dec 2011 14:11

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Biz: Reed Hastings punished financially for Netflix’s sucky year

  • $1.5 million chopped off his stock options in 2012 source
  • » Merry Christmas, screwup: The Netflix CEO, who oversaw a months-long decline in his company’s stock price in the wake of customer-angering moves, lost half of his stock options for next year — from $3 million to $1.5 million. The company will likely face its first net loss in more than a decade next year, due in part to lost subscribers.
Posted by Ernie Smith • 0 Comments • Permalink

25 Oct 2011 10:58

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Biz, Tech: Netflix’s stock, then and now: A steep, severe drop

  • $304.79 Netflix’s stock price on July 13, the day after they announced their unpopular price changes
  • $76 Netflix’s stock price as of this morning; it’s down more than 75 percent since July alone source
  • » How hard will moving forward be? During yesterday’s earning report, Netflix’s CEO, Reed Hastings explained off his company’s tough year like this: “We made a couple of big mistakes this year. It’s up to us to own up to those mistakes and to move forward.” But will owning up to those mistakes be enough to stop the bleeding amongst investors? A 75 percent drop in three months — when your stock is worth more than $300 — is just insane. It dropped 36 percent today alone. If you think Netflix is going to bounce back, though, now’s the time to buy their stock.
Posted by Ernie Smith • 0 Comments • Permalink

24 Oct 2011 19:48

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Biz, Tech: Netflix’s downward slide continues: Investors hate them even more now

  • 800,000 fewer folks give Netflix money source
  • » Oh, and it gets worse: The once-high-flying company now has 99 problems, and a shrinking stock price is one — one that dipped 26 percent in after-hours trading today. The company — which recently raised the cost of its legacy DVD plan, tried to split off DVDs into a separate site and then backed off after everyone hated it — also informed investors today that it would have a couple of unprofitable quarters as it expanded into the UK and Ireland. “We expect the costs of our entry into the UK and Ireland will push us to be unprofitable on a global basis; that is, domestic profits will not be large enough to both cover international investments and pay for global G&A and technology and development,” the company said. CEO Reed Hastings blamed the drop in subscribers on the price increase.
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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