Hollywood is in a state of absolute agony, but Netflix had some reason to celebrate on Wednesday, with the streaming giant releasing a smash earnings report after implementing its long-anticipated plans to clamp down on password sharing. It wasn’t all good news, though, and Wall Street remained disappointed.
Here are some of the key highlights:
►Adds 5.9 million subs: Heading into the earnings report, investors were curious how much the company’s crackdown on password sharing would boost subscriber growth. Well, now we know. And the numbers were strong. Netflix added 5.9 million subscribers in the quarter — just one year after it had lost nearly a million subscribers. Expect Netflix, which now boasts 238 million global subscribers, to keep benefiting from this password sharing clampdown. The streamer boasted that “sign ups are already exceeding cancellations” and that it is implementing the password policy across the world now.