Netflix CEO Reed Hastings: Uh, Forget Everything We Said
Netflix (NASDAQ:NFLX) shares are on a roll after the company announced changing its mind on Qwikster, and that DVDs are going to remain combined with the streaming video company. In other words, customers have reversed plans for a spin-off.
According to Netflix CEO Reed Hastings, writing on the company blog, “it is clear that for many of our members two websites would make things more difficult, so we are going to keep Netflix as one place to go for streaming and DVDs.”
The news continues to reflect a major change-shift in digital television and movies. Now, Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), and Amazon (NASDAQ:AMZN) will have to go back to the drawing board on competing with Netflix.
NFLX (NASDAQ:NFLX) is trading at $124.79 today, up 6.47%. Shares are down 21.67% in one year. The stock’s trading range for the year is between $107.63 and $304.79.
Investing Insights: Here’s Why The Netflix Moat Is Running Low.