Los Gatos, Calif.-based streaming giant Netflix added more subscribers than expected, thanks to popular new and old content ('Suits') and a crackdown on password sharing.
Netflix added 9 million subscribers during the third quarter, the Los Gatos, Calif.-based streaming video giant said Wednesday, citing popular original shows and older licensed content, as well as the company's crackdown on password sharing. Revenue was $8.5 billion in the quarter, up 8% from the same period of time last year, which was in line with analyst estimates. Net income was $1.68 billion, compared to $1.4 billion a year ago.
Additionally, Netflix has moved to increase its revenue by pressuring nonpaying users sharing passwords to buy a subscription and by offering a cheaper ad-supported plan. The company continued to boost revenue by cracking down on nonpaying Netflix users who have been using shared passwords with friends and family. Nonpaying Netflix users can sign up for their own subscriptions or ad-free subscribers can pay an extra $7.99 a month in the U.S.
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