By Jess Jones
Netflix added 8.8m streaming subscribers in its third quarter following a crackdown on password sharing, blowing expectations out of the water, as it revealed its latest price increases.
The surge in membership brings its global tally to about 247m subscribers, defying the projections of analysts, who had predicted 6.1m additions.
The streaming giant also announced a plan toraise prices in the US, UK, and France. In the UK, basic subscriptions will rise by £1 to £7.99, with premium memberships increasing by £2 to £17.99.
Efforts to curb password sharing also resulted in lower-than-expected cancellations.
Netflix said its success was also due to a steady stream of popular content.
Netflix outperformed Wall Street expectations with earnings of $3.75 a share, above the consensus estimate of $3.52.
The news drove a more than 12 per cent increase in Netflix stock price during extended trading last night, bringing its year-to-date gains to nearly 30 per cent.
Netflix’s subscriber growth, which has already exceeded 16m in the first nine months of the year, comes at a competitive time in streaming.
It faces market saturation and stiff competition from industry heavyweights such as Disney and Warner Bros Discovery.
