Netflix Trading Higher After Announcing Launch in UK, Ireland

The shares of Netflix

are up in pre-market trading after the company announced it will launch its subscription service in the United Kingdom and Ireland. The company will offer offer its service for the monthly price of 5.99 Pounds Sterling in the UK and euro 6.99 in Ireland. The company's CEO Reed Hastings who has been under the fire lately stated "we are starting 2012 in the best possible way: by giving consumers in the UK and Ireland an amazing entertainment experience." Netflix has lost 70 percent of its market cap since last July when the company announced infamous price increases in the United States. The stock is currently trading at $89.24, up $2.95 or 3.42% in pre-market trading.