It seems the disgruntled Netflix customers weren’t all talk. The company lowered its growth forecast by 1 million U.S. customers after its price hike prompted many to quit the movie-rental service. Netflix’s stock fell nearly 15 percent on the news. The company’s decision to separate its streaming service and DVD-rental service, raising the price for a joint streaming and rental plan as much as 60 percent, outraged many customers. Far fewer customers signed up for the DVD-only subscription package—2.2 million instead of the predicted 3 million. Only 21.8 million customers signed up for streaming, 200,000 fewer than Netflix had anticipated.
Read it at ReutersTrending Now
