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Are Hard Times Over for Netflix? Stock Surges After Company Announces Customers Are Back

Jan 26, 2012  •  Post A Comment

Netflix said it regained 610,000 U.S. customers in the fourth quarter, ending the year with 24.4 million customers, reports Bloomberg.

The news sent Netflix’s shares surging 16% in extended trading Wednesday, the piece notes.

The customer acquisitions signal that Chief Executive Reed Hastings has halted a subscriber revolt, after the company shed 800,000 customers in the third quarter, the piece says. Many left Netflix after the company raised its prices and announced, then abandoned, plans to separate its streaming service from the rental DVD plans.

“We’re really excited and pleased in our recovery,” Hastings told Bloomberg. "We’ve got a long way to go and a huge opportunity ahead.”

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