A Netflix Price Hike Is On the Way

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Netflix released its first quarter earnings for 2014 on Monday.

Image: Netflix

By Jason Abbruzzese2014-04-21 20:19:07 UTC

Netflix is planning to raise the price of its popular streaming service by as much as two dollars per month, according to statements in its first-quarter earnings filings.

Current subscribers would stay at the $7.99 price for a "generous time period," the company wrote in a statement to investors.

See also: 10 Countries With the Fastest Netflix Speeds

"Our current view is to do a one or two dollar increase, depending on the country, later this quarter for new members only," the company wrote.

The news came as Netflix announced that it added 4 million new members in the first quarter of 2014, as the company beat revenue and profit expectations. The company now counts 48.4 million paid subscribers.

Netflix said that it is focusing on international markets as U.S. growth slows.

"We intend to continue our international expansion over the coming years, so our near term profits will be quite modest as we invest in this large global opportunity," the company wrote in its earnings report.

Shares in the streaming content company moved 4% higher in after-hours trading. A difficult run for some of the best performing stocks, including Netflix, has sent shares down more than 14% in the past month.

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Topics: Business, earnings, Media, netflix, Television, Video