Netflix on Wednesday increased subscription prices for some of its plans in United States, France, and Britain, as it shattered the expectation of new customers, sending its shares 13% low.
The streaming platform surpassed the Wall Street analyst’s forecast of 6 million new subscribers, as it witnessed a whopping 9 million new subscribers in the third quarter. The OTT giant shared that it is expecting a similar number of expectations in the current quarter.
This proved that Netflix is thriving despite of Hollywood labor tensions which had halted major production of the country. A major part of its shows and movies is made overseas, which accounted for the bulk of its new-signups.
Netflix credited its recent success to its one of the latest additions ‘One Piece’, which is a Japanese manga series. The platform has also scored new users due to the long-running television series ‘Suits’.
