Monday, October 24, 2011

Customers Tumble Movie Definite Netflix

The US video let definite Netflix has mislaid subscribers in the third entertain of 2011, as it reels from a patron recoil over cost increases.

It had 23.8 million customers by the finish of September, a drop of more than 800,000 from June.

Earlier this year it lifted prices for its DVD let and online streaming services, distressing many customers.

Despite a way up in profits, its shares fell in after-hours trade by more than a quarter.

Profits rose by 65% is to entertain to $62.5m (39.1m), compared to the same time final year. Revenues rose by 49% to $822m (514m), good on top of analysts' expectations.

But the number of subscribers fell by more than the definite predicted, causing the shares to drop sharply.

Netflix has already mislaid 60% of its worth given July after it lifted prices for its joint DVD let and online movie and video streaming service and voiced skeleton to sell of the DVD arm of the business.

Netflix is the largest video streaming service in the US. Earlier on Monday it voiced skeleton for a new subscriptions service is to UK and Ireland, to launch next year.

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