Code Conference

Netflix’s Hastings on stock price: Euphoric before, okay now

Reed Hastings, Netflix
Source: Recode

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 OK 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."

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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 OK 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.

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So it's OK now, Kara Swisher asked.


CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital, and the companies have a content-sharing arrangement.