Netflix shares climb on hikes in subscription plans 

The streaming service has raised the price of some of its streaming plans in the US, Britain, and France

Netflix has hiked prices on some of its subscription plans. 

Netflix raised subscription prices for some of its streaming plans in the US, Britain, and France, a move to boost revenue in a competitive streaming market. Shares of Netflix rose nearly 7% in after-hours US trading on Wednesday night.

The premium ad-free plan, which allows four streams at the same time, increased by $3 (€2.84) per month to $22.99 in the US. The one-stream basic US plan rose by $2 per month to $11.99.

In France, the basic plan increased by €2 to €10.99.

The price hikes were announced in Netflix’s third quarter earnings report, which showed the company added 9m new customers worldwide and posted revenue of $8.54bn (€8.1bn), in line with forecasts. 

The firm has been searching for ways to increase revenue as it nears market saturation in the US, and faces competition from Disney and Warner Bros Discovery among others. It also launched a cheaper tier with ads and has started asking password borrowers to pay.

Meanwhile, in its third quarter results, Tesla posted a lower margin as the electric carmaker slashed prices.

• Reuters