Netflix Tumbles to Lowest in One Year on Fresh Competition Fears

Thursday, 29 Sep 2011 03:17 PM

 

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Netflix Inc., the online and mail- order video service, fell as much as 15 percent in Nasdaq trading to its lowest price since August 2010.

Netflix, based in Los Gatos, California, tumbled $17.96 to $109.18 at 2:27 p.m. New York time. The stock has fallen more than 60 percent from an all-time high $304.79 on July 13 amid a customer backlash over a price increase and plans to operate the mail-order business separately from streaming.

The streaming business faces competition from Amazon.com Inc., which unveiled a tablet computer yesterday that’s designed to work with its own video service. Microsoft Corp. plans to offer online pay television service from Comcast Corp. and Verizon Communications Inc. through its Xbox Live streaming service, people with knowledge of the situation said.

Video-game systems such as Xbox are the most popular viewing gateway for Netflix, researcher Knowledge Networks said today in a statement. Its survey found 10 percent of Netflix customers said they would be “very likely” to cancel if their cable or satellite TV provider offered a similarly priced, comparable service.

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