2 months ago
Stock Market

Netflix Jumps Midday on Subscription Price Hike

Investing.com - Streaming service Netflix (NASDAQ:NFLX) surged in midday trading after reports it will raise prices for its U.S.

Investing.com - Streaming service Netflix (NASDAQ:NFLX) surged in midday trading after reports it will raise prices for its U.S. subscribers.

Netflix will boost the price on the standard plan to $12.99 per month from $10.99, while its top plan will be raised to $15.99 from $13.99. Its basic plan will increased to $8.99 from $7.99.

It’s the first time the streaming site has increased prices since October 2017.

The company, which reports earnings on Thursday, rose 5.8% midday.

Other technology companies were also up, with Apple (NASDAQ:AAPL) increasing 1.1%, Facebook (NASDAQ:FB) gaining 2.7% and Amazon.com (NASDAQ:AMZN) rising 1.7%.

The S&P 500 Information Technology sector jumped 1.16%, while the S&P 500 Communication Services index gained 1.4%.