Netflix CEO Cashes Stock Options30 Apr, 2007 By: Erik Gruenwedel
Netflix CEO Reed Hastings
Netflix Inc. CEO Reed Hastings last week exercised options under a prearranged trading plan to purchase 2,500 shares for $1.50 each and then sell them and another 7,500 shares for $21.50 each for a combined gain of $215,000, according to a reported regulatory filing.
Netflix remains enmeshed with Blockbuster Inc. in a battle for customers in the burgeoning online movie rental market. In the first quarter, the online rental pioneer posted results at the low-end of expectations on the increased competition.
The Los Altos, Calif.-based service spearheads an online business that together with Blockbuster Online tops 10 million subscribers and about $380 million in quarterly revenue.