Netflix raising price4/24/2024 ![]() ![]() After a couple of years of sluggish growth, the company adopted a dual growth strategy that coincided with a transition at the top of the company. The platform’s spike in subscribers is the largest since the second quarter of 2020, which took place in the middle of the Covid-19 pandemic. Investors have rewarded such solid results, with shares rising 12% overnight in after-hours trading. The company has been able to improve profit margins and increase cash generation. Net income grew by 20%, to $1.68 billion. Netflix achieved record revenues of $8.5 billion in the third quarter of the year, 7.8% more than in the same period last year, according to figures published on Wednesday. The first hike, announced on Wednesday at the company’s quarterly results presentation, will affect the United States, the United Kingdom and France. After the success of this measure, Netflix is now determined to raise the subscription costs. ![]() The group now has a record 247.15 million paying subscribers worldwide, 10.8% more than a year ago, and is also benefiting from uptake of the advertising-supported service. The leading streaming platform added 8.76 million new subscribers in the third quarter of the year, exceeding analysts’ expectations. Kim Hong-Ji (Reuters)Ĭurbing shared passwords is working for Netflix. Reed Hastings, co-founder of Netflix (left) and Ted Sarandos, CEO, in a file photo. ![]()
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