Tuesday, July 24, 2007

Netflix Reeling From Customer Losses, Site Outage

An AP newswire article, via MSNBC, reports that:

Netflix Inc.’s stock price plunged to its lowest point in more than two years Tuesday after the online DVD rental leader reported the first quarterly customer losses in its history and dimmed its earnings outlook for the rest of the year.

Making matters worse, Netflix’s Web site — the hub of its rental system — went down Monday evening and remained inaccessible as of Tuesday afternoon (EDT). Spokesman Steve Swasey attributed the more than 12-hour outage to an unanticipated problem that he declined to describe. Engineers hoped to fix the trouble by 4 p.m. EDT. after missing several earlier targets for restoring the Web site.

Netflix had been in the process of updating its computers to reflect price reductions that took effect Tuesday.

More here.


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