Netflix’s subscriber base is on the rise again, providing an early sign that its ad-supported transition to a cheaper version of its video streaming service, is helping to cut through the competition and attract consumers who are struggling with price.
The company on Thursday announced a gain of 7.7 million subscribers in the October-December period, an increase that included the start of a sponsored campaign for $ 7 a month – less at half the price of its most popular no-business plan. The performance was followed by subscriber gains that topped analysts’ low expectations in the July-September period. Netflix’s second quarter of customer losses.
Shares of Netflix rose 6% in extended trading to $335.01. The share price has doubled from a five-year low of $162.71 reached last May, but is below its all-time high of nearly $701 in November 2021.
Falling mortgage rates
The long-term U.S. mortgage rate fell this week to its lowest level since September, a boost to the housing market that has been subdued for nearly a year.
Mortgage broker Freddie Mac reported Thursday that the average 30-year mortgage rate fell to 6.15% from 6.33% last week. Last year the average rate was 3.56%.
The long-term interest rate hit a two-decade high of 7.08% in the fall as the Federal Reserve continued to increase its key lending rate in its quest to stabilize the economy and reduce inflation.