Netflix’s crackdown on password sharing received a big thumbs down from users. But the move is proving to be a hit with investors. The video streaming business has reported a surge in subscriber growth.
The company added nearly 9mn net subscribers during the third quarter as it converted former freeloaders into paying customers. That is ahead of expectations and marks the largest quarterly growth since the second quarter of 2020.
Netflix shares rallied 15 per cent on the news. That puts the stock on a multiple of 25 times forward earnings — more than Disney but well below the three-year average.
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