Netflix Inc (NFLX.O) is separating its movie streaming business from its DVD-by-mail service, which it is renaming Qwikster, Chief Executive Officer Reed Hastings said in a company blog post. The announcement comes after Netflix had to cut subscriber forecasts after it increased the monthly subscription for a joint streaming and DVD rental service by as much as 60 percent. The uproar among customers and bloggers has pushed shares of the company down nearly 50 percent since it announced the price increase on July 12. "I messed up," Hastings wrote in a blog post. "I owe everyone an explanation." The streaming business will retain the Netflix brand.
Netflix, Inc. (Netflix) is an Internet subscription service streaming television shows and movies. Shares of NFLX traded higher by 1.49% or $2.31/share to $157.50. In the past year, the shares have traded as low as $140.02 and as high as $304.79. On average, 4779950 shares of NFLX exchange hands on a given day and today's volume is recorded at 1015480.
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