2023-03-23 13:25:05 ET
Shares of Netflix (NASDAQ: NFLX) moved sharply higher on Thursday, surging by as much as 9.8% in morning trading. As of 12:44 p.m. ET, the stock was still up 8.8%.
The catalyst that drove the streaming video pioneer higher was news that after a slow start, its ad-supported tier is now making serious headway with subscribers.
Netflix's lower-cost Basic with Ads plan is finally hitting its stride, according to an article published by Bloomberg. The plan has attracted more than 1 million users after just two months, according to internal documents.
For further details see:
Why Netflix Stock Charged Higher Thursday Morning