Netflix (NASDAQ:NFLX) announced on Wednesday that it is raising the price of some of its subscriptions in the United States, the United Kingdom, and France, after significantly exceeding Wall Street's expectations for new subscribers in the third quarter.

The streaming giant's stock surged by 13% in after-hours trading as investors celebrated the subscription price increases.

In the July-September period, Netflix added nearly 9 million new subscribers worldwide, surpassing the LSEG consensus of 6 million. The company expects a similar number for the current quarter.

This seems to highlight the effectiveness of the measures taken by the company to combat password sharing and reward its continuous flow of new content.

This marks an unprecedented quarterly surge in new subscribers since the second quarter of 2020 when the first lockdown measures were imposed due to the global COVID-19 pandemic, leading to a surge in platform subscriptions.

Netflix increased the price of its premium subscription by $3 per month in the United States, raising it to $22.99. In France, it increased to 19.99 euros from 17.99 euros.

As a pioneer in the streaming sector, the company is seeking ways to boost its revenue as the market approaches saturation in the United States, where competition is fierce, particularly from platforms like Walt Disney and Warner Bros Discovery.

According to Netflix's data released on Wednesday, the platform's global subscriber count stood at 247 million at the end of September, with over 70% located outside the United States. The major subscriber gains were observed in Europe, the Middle East, and Africa.

Netflix reported quarterly revenue of $8.54 billion, in line with analysts' expectations. Its earnings per share came in at $3.73, beating the consensus of $3.49.

Additionally, the company anticipates revenue of $8.69 billion for the current quarter, slightly below Wall Street's forecasts of $8.77 billion.