Netflix Blames Credit Cards For Poor Subscriber Numbers
Netflix said it had a weak third quarter because customers didn't update their credit card information.By Ben Lawson | October 15, 2015
Netflix execs have a weird explanation for why the company didn't meet predictions for subscriber growth: users not updating their credit card information.
Netflix was expected to bring in 1.15 million U.S. subscribers in the third quarter of 2015, but instead, it only brought in 880,000.
Wednesday's news brought Netflix's stock down 14 percent, and it was still hovering around 7 percent down Thursday morning.