After a lot of anticipation, Netflix finally released its latest earnings report on Tuesday, and it didn’t take long for its shares to rise. The stock jumped more than 10% after the streaming company reported it crossed 30 million customers after adding 18.9 million subscribers in the fourth quarter of 2024.
Netflix crossed a major subscriber milestone in the fourth quarter, and its stock quickly soared in the face of the record-breaking gains. Netflix (NFLX) stock jumped over 14% in after-hours trading after the report was published, lifting the streaming company’s stock market value by almost $50 billion.
Several factors contributed to Netflix’s record subscriber count, including its crackdown on password sharing, along with popular live sports events, such as the boxing match between Jake Paul and Mike Tyson and the National Football League games.
In addition to sharing its quarterly report, Netflix also announced another round of price hikes. The standard add-free plan will now cost $17.99 (up from $15.49), while the add-supported plan will cost $7.99 (up from $6.99). The prices will initially be adjusted in the U.S., Canada, Portugal, and Argentina.
“As we continue to invest in programming and deliver more value for our members, we will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix,” reads Netflix’s letter to investors.