Netflix Begins Push Into Europe With U.K., Ireland

January 9, 2012 at 12:57 pm PT

Internet movie service Netflix Inc. began a long-awaited push into the U.K. and Ireland on Monday, a costly expansion that the company expects will squelch profits in 2012 but pay off in the long run.

The move pits Netflix against Lovefilm, a U.K.-based online-video rival that Amazon.com Inc. acquired last year, and comes as a key test for Netflix chief executive Reed Hastings, who has seen his company’s shares plummet about 70% since July thanks to strategic choices that have riled U.S. customers.

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