Netflix’s Hastings on Stock Price: Euphoric Before, Okay Now
Netflix CEO Reed Hastings hasn’t been shy in the past about complaining when investors were roller-coasting his company’s stock price, but now that the video streaming company’s price is hovering around $400 a share, he’s okay with that
In the fall of 2013, Hastings infamously took investors to task for running Netflix’s stock price up more than 400 percent in one year to around $400 a share.
“There was this enormous euphoria” in the stock price back then, Hastings said Thursday at the Code Conference. “We’ve been down, we’ve been up.”
What was the point of saying that?
“It’s just honesty,” Hastings said. “There just felt like there was this hype fest” with the stock.
Netflix has been trading about $40 below its 52-week high share price of $458, but Hastings didn’t have any complaints Thursday.
It’s okay that the stock is that high now?
“I’m not as convinced as I was before” that people are being too euphoric in pushing the price up, Hastings said.
So it’s okay now, Kara Swisher asked.