Netflix has disclosed summertime subscriber gains that surpassed analysts’ projections, signaling the video streaming service’s crackdown on password sharing is converting former freeloaders into paying customers
Netflix on Wednesday disclosed summertime subscriber gains that surpassed industry analysts’ projections, signaling the video streaming service’s crackdown on password sharing is converting former freeloaders into paying customers. In an effort to bring in even more revenue, Netflix also announced it's raising the price for its most expensive streaming service by $2 to $23 per month in the U.S. — a 10% increase — and its lowest-priced, ad-free streaming plan to $12 — another $2 bump.
Netflix’s financial performance also topped the analyst forecasts that shape investor expectations. The Los Gatos, California, company earned $1.68 billion, or $3.73 per share, a 20% increase from the same time last year while revenue climbed 8% to $8.54 billion. The company’s stock price soared more than 10% in extended trading after the latest quarterly numbers came out.
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