Netflix (NFLX) is down 30 points to 178 premarket after lowering its Q3 U.S. subscriber growth forecast to 21.8M streaming and 14.2M DVD, from a previous (July 25) 22M and 15M.
"Despite the guidance revision, we remain convinced that the splitting of our services was the right long-term strategic choice. We know our decision to split our services has upset many of our subscribers, which we don't take lightly, but we believe this split will help us make our services better for subscribers and shareholders for years to come."
A couple things hurting Netflix: They just raised their monthly subscription rate and they just lost the Starz content, which in my opinion was their only movie content worth paying for.
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