Netflix third quarter earnings are out, and along with it the quarterly shareholder letter from CEO Reed Hastings and CFO David Wells. ?In the letter (embedded below), Netflix talks about the impact of recent pricing changes and its now-retracted strategy to divide the streaming and DVD services into two businesses. The price changes in particular "hurt our hard?earned reputation, and stalled our domestic growth." Netflix expects the impact to lower both revenues and profits in the fourth quarter. And in the first quarter of next year, the company expects to lose money as it invests heavily to launch in the UK and Ireleand. It expects to continue to be in the red "for a few quarters." Below is an excerpt of the the beginning of the letter, followed by the entire embedded document.Source: http://feedproxy.google.com/~r/Techcrunch/~3/QxSx24NVTXE/
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