Netflix stock surges after it announces price hikes and a boost in subscribers
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1970-01-01 08:00
Netflix announced price increases Wednesday for some subscription tiers in the United States, United Kingdom and France.

Netflix announced price increases Wednesday for some subscription tiers in the United States, United Kingdom and France.

The streaming giant said in its third-quarter earnings report that its premium ad-free plan in the United States will rise by $3 per month, to $22.99.

It also reported a 9% year-over-year increase in average paid memberships, adding 8.8 million subscribers last quarter. That's compared to 2.4 million in the third quarter last year.

Netflix said it brought in $8.54 billion in revenue last quarter, boosted by higher-than-expected growth of its membership base.

Stock jumped by 10% in after-hours trading.

This story is developing and will be updated.

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