Netflix announced on Wednesday an increase in subscription prices for some streaming plans in the United States, Britain and France. At the same time, it exceeded expectations for new customers, sending its shares soaring 13%. In the third quarter, nearly 9 million subscribers joined Netflix globally, exceeding Wall Street analysts’ forecast of 6 million, as reported by LSEG. Netflix expects a similar number of new signups in the current quarter. Despite Hollywood labor tensions that have halted many U.S. productions, Netflix has proven to thrive. It produced many of its series and films overseas, which accounted for the majority of new signups. The global success of “One Piece,” a live-action adaptation of the popular Japanese manga, is an example of Netflix’s heavy investment in locally resonant stories that captivate audiences around the world. Netflix has also attracted new viewers to established television series, such as the legal drama “Suits” and HBO’s World War II series, “Band of Brothers.”
After the release of the quarterly results, Ted Sarandos, co-CEO of Netflix, commented: “These are the moments when I am happy that we have such rich and varied programming.” Netflix’s third-quarter growth represents its best quarterly gain since the second quarter of 2020, when pandemic restrictions caused a boom in streaming subscriptions. The earnings report revealed that Netflix’s global subscriber base reached 247 million at the end of September. Investors welcomed the news, sending Netflix shares to $390.80 in post-close stock trading During the quarter, “Suits” became the most-watched title in the United States for 12 consecutive weeks. “As the competitive environment evolves, we may have greater opportunities to license additional successful titles,” Netflix said in its quarterly letter to shareholders. Revenue was $8.54 billion, in line with analysts’ forecasts. Earnings were $3.73 per share, beating Wall Street expectations of $3.49. Finally, Netflix said it continues to dominate ratings. Netflix programming represents 8% of television viewing time, second only to YouTube.
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