Netflix shares are up almost 13% in the US pre-market after the streaming giant raised prices for streaming plans in some countries and welcomed a gain of 9 million viewers in Q3.
Total Q3 income rose 8% and was around the previously expected $8.5bn.
The cost of a premium subscription plan in the UK is up by £2 and now costs £19.99, while in France the same subscription is up by €2 and in the U.S. by $3.
Netflix shares skyrocketed from $346.19 to $390.80 in extended trading on Thursday.
Despite ongoing Hollywood worker and actor strikes, which have caused Netflix to fill its slots with repeats and reality shows, the streaming platform gained up to 9 million viewers in Q3. And, according to the company, it expects to welcome at least the same number of new subscribers in the current quarter.
“These are the times I’m glad we have such a rich, deep, and broad programming selection,” Netflix co-CEO Ted Sarandos said about Q3 results. “The same was true during COVID, when we were able to manage the slate through a prolonged and pretty unpredictable production interruption.”
According to Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown,
“Subscribers were always going to be in the spotlight, and what a bright light they’ve been, with 9 million new paying additions to the Netflix fan club following a crackdown on account sharing. Blockbuster hits including Sex Education and The Witcher have helped attract and retain consumers with open wallets. The ongoing SAG-AFTRA negotiations are a lingering cloud, with disputes and the threat of prolonged production slowdowns increasing the risk of Netflix’s content slate being less than ideal, which is problematic when it doesn’t have the same back catalogue as Disney+ to fall back on.”