Netflix said in its first quarter earnings report on Thursday that revenue reached $10.5 billion in the months since it raised prices. That’s a 13 percent increase over the same time last year.
The streaming service’s net income also grew to $2.9 billion, and the company says it expects more growth in the coming months when it sees “the full quarter benefit from recent price changes and continued growth in membership and advertising revenue.”
During an earnings call on Thursday, Netflix co-CEO Greg Peters said the company expects to “roughly double” advertising revenue in 2025. The company launched its own advertising technology platform earlier this month.
Update, April 17th: Added an update from Netflix’s earnings call.