October 11, 2011
Netflix Gets A Clue & Kills Qwikster
Curiously, this email was not signed by Hastings but instead sent by "The Netflix Team". Hastings got slammed for sending an apology email about the price increase that not only didn't truly apologize but, adding insult to injury, also sprung the horribly conceived idea of Qwikster on customers. I wonder if the fact that there was already an angry dude with Qwikster as his Twitter handle and looking to cash in had anything to do with the about face.
Anyway, though this is great news for customers, it's been bad news for Netflix stockholders. The stock hit a one year low by the end of the day yesterday. Basically, Netflix will have a long way to go to regain consumer's, as well as Wall Street's, confidence.