Netflix raises prices as it adds 9 million subscribers

Netflix credited the gains to its crackdown on password-sharing and a steady flow of new programming such as global hit “One Piece.”

Netflix raised subscription prices for some of its streaming plans in the United States, Britain and France on Wednesday as it shattered new customer expectations, sending its shares soaring 10%.

The company picked up nearly 9 million new customers around the globe, surpassing the 6 million consensus forecast of Wall Street analysts surveyed by LSEG.

Netflix credited the gains to its crackdown on password-sharing and a steady flow of new programming such as global hit "One Piece."

The company raised the U.S. price of the premium ad-free plan by $3 per month to $22.99. The one-stream basic plan rose by $2 per month.

Investors welcomed the news, sending Netflix shares climbing more than 10% in after-hours trading to $382.99

The streaming video pioneer has been searching for ways to increase revenue as it nears market saturation in the United States and faces competition from Walt Disney, Warner Bros Discovery and others.

PP Foresight analyst Paolo Pescatore said the company's third-quarter growth was a testament to its password crackdown and the opportunities for future growth as it moves into advertising.