WESTCHESTER COUNTY, N.Y. (TheStreet) -- Netflix (NFLX) lost subscribers by the boatload, but surpassed all expectations for plaintive apologies. They apologized for their price increase. They apologized for attempting to split into two. At a certain point, I expected them to apologize for the Lindbergh kidnapping.

Here's the deal, though: too much of the media were blinded by the subscriber count loss and that bevy of apologies. As a result, they forgot entirely about Europe. But it's Europe rather than missteps or begs for forgiveness that might have the more lasting impact.

Take coverage from that pair of rusty, old wire services, Reuters and The Associated Press. In a long piece, The Associated Press reported at length on Netflix's mega-mea-culpa. They reported on earnings, subscriber count and forecasts. They even touched upon whether Reed Hastings, Netflix's suddenly embattled CEO, might resign. (Fat chance there--nor should he.)

But they neglected, amid all that, to mention Europe. Reuters managed to.Said Reuters: "Netflix also forecast a loss for the first quarter of 2012 as it expands into Europe."

Look: if you think shooting themselves in the foot over price increases and split-ups cost Netflix, --well, you ain't seen nothing yet. The company's entry into Europe will push it into the red in the first quarter. Obviously, there is long-term potential too. But since there is risk--and possible reward--traders must zero in. Unfortunately, the media, so caught up in the mega-mea-culpa, too often forgot about Europe altogether.

At the time of publication, Fuchs had no positions in any of the stocks mentioned in this column.

Marek Fuchs was a stockbroker for Shearson Lehman Brothers and a money manager before becoming a journalist who wrote The New York Times' "County Lines" column for six years. He also did back-up beat coverage of The New York Knicks for the paper's Sports section for two seasons and covered other professional and collegiate sports. He has contributed frequently to many of the Times' other sections, including National, Metro, Escapes, Style, Real Estate, Arts & Leisure, Travel, Money & Business, Circuits and the Op-Ed Page.

For his "Business Press Maven" column on how business and finance are covered by the media, Fuchs was named best business journalist critic in the nation by the Talking Biz website at The University of North Carolina School of Journalism and Mass Communication. Fuchs is a frequent speaker on the business media, in venues ranging from National Public Radio to the annual conference of the Society of American Business Editors and Writers.

Fuchs appreciates your feedback; click here to send him an email.

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