Netflix shares stream to all-time highs, despite pending price hike
NEW YORK — Shares of Netflix are streaming to new highs a day after the company announced its first true price hike in years.
That’s a far different result compared with 2011 when Netflix separated its streaming and DVD-by-mail service and raised prices.
About 600,000 customers fled and its stock price plummeted by 80 percent.
But Netflix, based in Los Gatos, California, is a different animal today. The production powerhouse landed more Emmy nominations this year than any TV network other than HBO.
Some of that price hike, $1 per month for the company’s most popular plan, will likely be plowed into the race to produce more blockbuster shows like “Stranger Things.”
Netflix is up against HBO and Amazon, which has its own ambitions for great television.
Shares of Netflix hit $198.92 Friday.