NFLX Netflix falls on plan to cut prices, shares downgraded - Internet Services - Media - Consumer Services - Internet - Manufacturing - Earnings

Netflix tumbles on profit warning
Netflix falls on plan to cut prices, shares downgraded - Internet Services - Media - Consumer Services - Internet - Manufacturing - Earnings - Company Announcements

Netflix tumbles on profit warning
A slew of Wall Street analysts follow with downgrades
By Bambi Francisco, CBS.MarketWatch.com
Last Update: 8:11 PM ET Oct. 15, 2004


SAN FRANCISCO (CBS.MW) -- Shares of Netflix tumbled more than 40 percent Friday after the company revealed a plan to cut prices and sacrifice profit in order to stay competitive.


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Netflix (NFLX: news, chart, profile) CEO Reed Hastings said that he believes Amazon.com (AMZN: news, chart, profile) would enter the online DVD-rental business within the next few months.

Hastings said in order to compete with Amazon and Blockbuster (BBI: news, chart, profile), the company would have to undertake moves that "are painful in the short term but will ensure long-term sustained leadership."

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