Netflix beat Wall Street expectations for earnings per share and subscriber growth in the third quarter, cheering investors (if not consumers) with news that a new round of price hikes is on the way.
The company matched the Street estimate for revenue in the period ending September 30, with $8.54 billion. EPS came in at $3.73 and total subscribers reached 247.15 million, a gain of 8.76 million.
Analysts had forecast an increase of 6 million subscribers and earnings per share of $3.49. Netflix shares rose more than 10% in after-hours trading.
The company has been working to implement two key corporate initiatives in recent months: paid password sharing and advertising-backed subscriptions.
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