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Netflix Inc NFLX shares dropped over 3% on Thursday after reports indicated the streaming giant reduced its subscription prices in over 30 countries in the last few weeks.
What Happened: The price reductions have been implemented in markets across the Middle East, Sub-Saharan Africa, Eastern Europe and Southeast Asia, the Wall Street Journal reported, citing a Netflix spokeswoman.
Some subscription prices have been halved in these markets, according to the Journal.
Netflix did not immediately respond to Benzinga’s request for comment.
The Los Gatos, California-based company is aware of consumers’ growing list of streaming platform options, according to the spokeswoman and “is committed to delivering an experience that exceeds their expectations.”
Why It Matters: The move comes in the backdrop of Netflix cracking down on password sharing in several countries and raising prices in select regions, as it tries to boost users and revenue amid cut-throat competition from rivals such as Disney+ and Apple TV+.
Price Action: Shares in Netflix fell 3.4% to $323.65 in regular trading on Thursday and dropped 0.65% after the closing bell, according to data from Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.