… for his own catastrophically stupid mismanagement. No, honestly:
Twice in the interview, Mr. Hastings linked the hostility toward Netflix’s price change and proposed breakup to the angry mood of the country, even citing the Tea Party and the Occupy Wall Street movement by name.
Thanks to Reed Hastings’ genius, Netflix announced today that it lost 800,000 subscribers in the past quarter. Company stock lost 25 percent of its value today.
Charles Cosimano says: I think I almost fell off my chair laughing.
NutFlakes says: I predict a great future for Mr. Hastings as an unpaid research assistant for Paul Krugman.
MH - Scientismist says: The bad news is that you are only at a disadvantage if your competition doesn’t make the same mistakes. In my experience arrogance is common among the corporate executives. After all, if you are so smart, why are you working for me?
Bruce Ross says: Reed Hastings is obviously sticking his foot in his mouth there and Quikster was just strange, but the notion that he’s some dope — well, he’s got a record.
And the market reaction to the announcement is … herdlike:
“Despite the decline in subscribers, the company did well financially in the quarter. It reported net income of $62.5 million, or $1.16, a share, compared with $38 million, or 70 cents a share, in the year-earlier quarter. Revenue rose 49 percent to $822 million. Both revenue and income topped analysts’ expectations.”
So they lost a few customers and their revenue and profits are up. Yep, plainly the guy’s running the company into the ground.
So this is what the term “Tea Party” comes down to… the whipping boy for almost everyone in the country who finds something going wrong on their watch. And there’s not much else left of it either. Pathetic, all around.
patrick says: well, im not in the tea party but this is the staw that broke the camels back. time to cancel netflix.
doofus [doo-fuhs]
from the word doof which is german for “stupid”
Someone who hasn’t got a clue!
They live in blissful ignorance of the world, fashion, personal hygiene and social skills.
Invariably laughs like a baboon being repeatedly punched.
some one stupid.