New York: Netflix on Wednesday said subscriptions to the media streaming service climbed by nearly 6 million in the wake of its crackdown on password sharing.
The streaming giant finished the recently ended quarter with a total of 238 million subscribers and a profit of $1.5 billion (roughly Rs. 12,309 crore), according to an earnings release.
Revenue came in lower than expectations with Netflix posting $8.2 billion (roughly Rs. 67,290 crore) in sales over the April to June period, pushing the company’s shares down more than 8 percent in after hours trading on Wall Street.
Netflix in May expanded its crackdown on users sharing passwords with people beyond their immediate family as it seeks to shore up revenue after a rough patch last year.
Earlier this year the company complained that more than 100 million households were sharing accounts at the service.
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