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Netflix reports first drop in subscriptions

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Business and Law
By washingtonpost.com   
Monday, July 23, 2007 20:50

Netflix, the largest online DVD rental company, on Monday reported its first-ever quarterly drop in subscriptions and cut forecasts for subscribers, revenue and profit for the year in the face of fierce competition from Blockbuster. Shares fell 4% in extended trading. The stock had already closed the regular trading session 12% lower after the company cut prices on two of its subscription plans.

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