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Netflix Price Cuts Unlikely: CFO

NEW YORK (TheStreet) - Netflix (NFLX) has seen a significant backlash from subscribers regarding its 60% price hike but don't expect the embattled company to back down any time soon.

Speaking to investors for the first time since announcing the company's plans to separate its streaming content and DVD-by-mail businesses, Chief Financial Officer David Wells said at the Goldman Sachs Communicopia Conference taking place in New York this week that it's unlikely Netflix will lower prices or offer three-to-six month discounts.

"It is a little like kicking a can down the road," Wells said.

But he didn't go so far as to say it would never happen. "Certainly it is in the realm of possibility, but I don't think it will win back the customers we lost."

Netflix's price hike went into effect this month. The company separated its popular DVD-by-mail and unlimited streaming service into two packages priced at $7.99 per month each, for a combined cost of $16. Previously, the combined package cost subscribers $9.99 per month.

These prices will remain the same when the company breaks off its DVD-by-mail service into a new company called Qwikster, while the streaming service will remain under the Netflix banner.

-Reported by Jeanine Poggi in New York.

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