Andre Garrigo

Netflix ($NFLX) has plunged from a high of $295 on July 12th down to its most recent low of $118. The company’s stock price has been on a downward spiral ever since Reed Hastings announced that Netflix would be splitting its DVD business from its streaming video business.

Less than a month later, on October 10th, Netflix reversed course and announced that Qwikster was headed for the deadpool — before the service even launched. This did not help the company’s stock price, which has been in a steep decline ever since.

Today Netflix held its Q3FY11 earnings call with investors. The company reported $822 million in revenue and earnings of $1.16 per share, but it does not matter. Netflix announced that they lost over 800,000 subscribers as a result of the Qwikster debacle.

Ouch. That hurts. (see above)