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.