NETFLIX WARNS OF PASSWORD CRACKDOWN, GAINS 6 MILLION SUBSCRIBERS

The streaming giant Netflix has managed to gain almost 6 million new subscribers after it has announced that it will make it almost impossible for those who share Netflix passwords to continue to do so.

Netflix ended its latest financial quarter with a total of 238 million subscribers as well as a healthy profit of $1.5 billion.

Although the above-mentioned numbers look good, revenue came in lower than expected. The streaming giant posted $8.2 billion in sales from April to June. Its shares were pushed down more than 8% in after-hours trading on Wall Street.

With a huge chunk of writers and actors currently on strike in Hollywood, the future of streaming devices has been shoved in the spotlight. Analysts though, believe Netflix will weather the storm because they’re better positioned than its rivals.

Ted Sarandos, Netflix’s co-chief executive said the strike causes a major headache for them.

“We are constantly at the table negotiating with everyone across the industry. We need to get to this strike to a conclusion so that we can all move forward.”

Image credit: CNBC