Netflix Says Price Hike Will Slow Growth
Some disgruntled customers will likely drop the service
Two weeks after announcing an upcoming 60 percent hike in subscription fees, Netflix is getting ready to face the fallout in the third quarter.
In yesterday’s earnings report for the second quarter, which ended June 30, Netflix posted a healthy revenue of $789 million, up 52 percent from the same quarter last year. The company also said its profit for the quarter was $68 million, up 55 percent. But that profit came before Netflix angered millions of customers nationwide with the recent price hike.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in