Netflix suffers big outage as stock hits new peak

(AP) -- It was a great day to be a Netflix shareholder, but not a good one to be a Netflix subscriber hoping to watch a movie through the company's service.

Just hours after Netflix's hit an all-time high Thursday, its website began suffering outages that prevented many of its nearly 17 million from streaming video over the Internet.

The breakdown was especially embarrassing because it occurred the day after Netflix CEO Reed Hastings predicted that subscribers will soon be watching more hours of video on the Internet than on DVDs, which the company delivers by mail.

Netflix says engineers are trying to fix the problem.

shares surged nearly 13 percent to close at $172.79 on the heels of reporting robust third-quarter growth.

©2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Citation: Netflix suffers big outage as stock hits new peak (2010, October 21) retrieved 29 March 2024 from https://phys.org/news/2010-10-netflix-big-outage-stock-peak.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

Netflix customer growth eclipses 3Q earnings miss

0 shares

Feedback to editors