Netflix increases prices and gains subscribers, despite ongoing strikes.

Breaking News: Netflix Surpasses Expectations, Raises Subscription Prices

LOS ANGELES⁤ (Reuters) – In a surprising ‌turn of events,⁣ Netflix ‌(NFLX.O) has exceeded ​expectations by gaining nearly 9 million new⁣ subscribers worldwide in the third⁣ quarter. ‍This impressive growth has⁣ led the streaming giant to​ increase subscription prices for certain plans​ in the​ United ​States, Britain, and France. As a result,​ Netflix’s shares have skyrocketed ‌by 13%.

The⁢ success ⁢of Netflix can be attributed to its international⁤ content, with shows like the live-action adaptation of the popular Japanese manga series “One ​Piece” gaining global popularity. Additionally, the streaming giant has attracted new audiences with licensed television shows such⁢ as “Suits” and “Band of Brothers.”

Netflix’s ⁢co-CEO, Ted Sarandos, expressed his‍ satisfaction with the company’s performance, stating, “These are the ⁣times I’m‍ glad we have such a rich⁣ and‍ deep programming selection.” ⁢However, ‌Hollywood⁢ labor tensions and ‌ongoing strikes ‌by actors remain a challenge for the ‌industry.

Despite these obstacles, Netflix’s​ third-quarter customer gains have been the highest ​since the second ‌quarter of 2020, when the COVID-19 pandemic led to a surge ⁢in streaming subscriptions. Investors have responded positively to this news, causing Netflix shares to ⁢rise to $390.80 in extended ⁣trading.

Analysts believe that ‍Netflix’s recent‍ crackdown on password sharing and its expansion into advertising have contributed ‌to its growth.​ Paolo Pescatore, an ‌analyst at PP Foresight,⁣ stated, ⁢”It is firing‌ on⁤ all cylinders, ​with recent efforts all heading⁢ in ⁣the right direction.”

Global Expansion and ⁤Financials

Netflix’s earnings report revealed that its global subscriber base reached‌ 247 million by the end of September. The company ​experienced significant growth​ in⁤ Europe, the Middle East, and Africa, adding nearly 4 million subscribers in these regions. More⁢ than 70% of Netflix’s members now reside outside the United States.

Furthermore, ⁢Netflix’s‍ revenue for the quarter amounted to⁣ $8.54 billion, ‌meeting analyst forecasts. Earnings per ‍share came in ‍at $3.73, surpassing Wall Street’s expectations. However, the⁣ company’s fourth-quarter revenue ⁤forecast ​of $8.69 billion fell slightly below analysts’ estimates.

As a result⁤ of⁢ the‌ ongoing strikes, Netflix has ‌revised its‌ content spending projections to $13 billion in 2023,⁤ assuming⁢ a resolution is reached soon. This ​is a‌ decrease from the initial estimate of ⁤$17 billion.

Despite the challenges, Netflix⁢ remains a dominant force​ in the streaming industry. According to ‍Nielsen data, Netflix programming accounts for 8%⁢ of television ‍screen ⁣time, second only to YouTube.

Reporting ⁢by Lisa Richwine; Editing by Aurora​ Ellis, Bill Berkrot and Leslie Adler

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