Netflix Poised to Raise Prices

Price increase will be imposed on new customers by July

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    NEWSLETTERS

    Justin Sullivan
    A sign is posted in front of the Netflix headquarters on January 22, 2014 in Los Gatos, California. (Photo by Justin Sullivan/Getty Images)

    Netflix is preparing to raise its Internet video subscription prices by as much as $2 per month this summer to help pay for more programming such as its popular political drama "House of Cards."

    The price increase will be imposed on new customers by July. The company says current U.S. subscribers will continue to pay $8 per month for a "generous time period."

    Netflix announced the price increase as part of its first-quarter earnings released Monday.

    Investors evidently liked the move. The company's stock surged 6 percent in extended trading after the results came out.

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    Netflix Inc. earned $53 million, or 86 cents per share, during the first three months of the year. That compared to $2.7 million, or 5 cents, last year.

    Revenue rose 24 percent to $1.3 billion.

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