Netflix Stock Jumps Friday - Its Latest Move is Working

Netflix, Inc NFLX stock is trading higher Friday amid reports of a subscription bump from the password-sharing crackdown.

The streaming firm gathered more new subscriptions in the U.S. between May 25 - May 28, shortly after it informed users in the U.S. and overseas than in any other four-day period since Antenna began compiling such data in 2019, the Wall Street Journal reports.

Also Read: Growth No More? Netflix Tightens Belt with $300M Spending Cut Amid Streaming War

Netflix said over 100 million people worldwide watch Netflix content using borrowed passwords. 

The company’s recent move forced users who share an account outside the same home to pay an additional $7.99 monthly to watch. It also limited the number of extra members customers could add to their account, depending on the service tier.

Shares of Netflix have risen by 13% since the password-sharing crackdown took effect on May 23.

In 2022, Netflix suffered two consecutive quarters of subscriber losses for the first time. Its subscriber base started growing again over the past few quarters but at a much slower pace than during the early days of the pandemic.

Price Action: NFLX shares traded higher by 2.60% at $419.28 on the last check Friday.

Photo by Tumisu via Pixabay