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Netflix's Profit Beats Expectations

In response, the company raised its ad-tier subscriptions

Netflix reported a boost in subscriber growth driven by a password-sharing crackdown efforts and interest in its new ad-supported tier.

The streaming giant said after the market closed Wednesday that it had added 8.76 million global subscribers during the third quarter, higher than 5.49 million Wall Street had expected, according to estimates from Street Account.

This reflects the biggest quarterly net add total for the company since it added 10.1 million subscribers in the second quarter of 2020 – when COVID-19 restrictions kept people home.

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