Netflix subscriptions jump 8%, revenue climbs as password sharing crackdown takes hold

Netflix said Wednesday that its quarterly gross and subscriptions rose, arsenic efforts to curb password sharing took hold.

Earnings: $3.29 a share. That whitethorn not comparison with the $2.86 per stock expected by Refinitiv.Revenue: $8.20 billion. That whitethorn not comparison with the $8.30 cardinal expected by Refinitiv.

The streaming elephantine said it added 5.9 cardinal customers during the 2nd 4th amid its broader crackdown connected password sharing successful the U.S. Netflix said it would rotation retired its caller sharing argumentation to the remainder of its customers connected Wednesday.

Netflix's banal fell arsenic overmuch arsenic 5% successful aft hours trading.

The institution reported gross of $8.20 billion, up 3% from $7.97 cardinal successful the prior-year period. Net income of $1.49 cardinal climbed from $1.44 cardinal successful the prior-year period.

The net study comes soon arsenic investors are looking for much accusation regarding the rollout of Netflix's ad-supported streaming tier and crackdown connected password sharing.

However, a breakdown of gross from the ad-supported tier — which was introduced precocious past twelvemonth — arsenic good arsenic the accounts that person resulted from the caller sharing argumentation were inactive excessively aboriginal to beryllium reported, Netflix said.

Netflix said Wednesday it expects a boost successful gross successful the 2nd fractional of the twelvemonth arsenic it begins "to spot the afloat benefits of paid sharing positive the dependable maturation successful our ad-supported plan."

Netflix said it present forecasts gross of $8.5 billion, up 7% year-over-year, for the 3rd quarter, attributing the gross maturation to much mean paid memberships.

The institution besides expects paid nett subscriber additions successful the 3rd 4th to beryllium akin to the 2nd quarter. Meanwhile, Netflix forecasts gross maturation successful the 4th fourth to "accelerate much substantially" owed to the crackdown connected password sharing and arsenic advertizing gross grows.

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