Netflix chief: Qwikster goof caused an ‘internal reflectiveness’

Reed Hastings, the CEO of Netflix, sat for a tough interview with The New York Times Magazine. In Monday morning quarterback style, we put together a highlight reel.

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Netflix has seen its stock price tumble from $300 a share in July to $120—that’s $9 billion of market capitalization wiped out—due in large part to botched communication with its customers.

First, it unveiled a price hike with a hasty blog post and email to customers. CEO Reed Hastings later admitted he failed to adequately communicate this change to his customers. To make matters worse, he announced a spinoff DVD-only company, titled Qwikster, which it abandoned due to stiff backlash from the public.

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