Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Instagram Outage Disrupts Thousands of U.S. Users 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
SoftBank and Intel Partner to Develop Next-Generation Memory Chips for AI Data Centers 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
SpaceX Reports $8 Billion Profit as IPO Plans and Starlink Growth Fuel Valuation Buzz 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
SpaceX Updates Starlink Privacy Policy to Allow AI Training as xAI Merger Talks and IPO Loom 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Netflix recently reported its strongest quarter for subscriber growth in years despite rolling out price hikes for some subscription plans in the United States, France, and Britain. The surge in new memberships is attributed to the company’s initiatives like password tracking and adding ad-supported tiers.
According to Reuters, Netflix gained almost nine million new subscribers worldwide. This number smashed new customer expectations and surpassed the six million consensus predictions of Wall Street analysts polled by the London Stock Exchange Group (LSEG). As it beat customer expectations, the company’s shares soared by 10% in after-hours trading to $382.99.
New Price Rates for Basic and Premium Plans
Netflix will increase the rate for its Basic plan in the United States - from $9.99 to $11.99 per month. The Premium option will go from $19.99 to $22.99 monthly, and the ad-supported tier will remain at $6.99 monthly. For the Standard plan, there will be no price increase as well, and it will stay at $15.49 per month, MacRumors reported.
In Britain, the streaming company will raise the Basic plan rate by adding just ₤1, now be ₤7.99. For subscribers in France, the Basic price rose by €2 to €10.99.
Subscriber Growth Following Password Sharing Crackdown
The latest subscriber and revenue growth comes after Netflix launched its password-sharing crackdown between households. Its revenue surged for the third quarter after ending the password-sharing practice of customers, and the addition of its ad-supported tier also helped boost not just the number of new subscribers but profits, too. The company reported adding about 247 million new paid global subscribers in the third quarter.
Finally, Investopedia reported that Netflix revealed a net income of $1.67 billion, representing $3.73 per share earnings. Its revenue increased by 7.8%, as shown in its recent Q3 financial posting.
Photo by: BoliviaInteligente/Unsplash
