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Netflix Hikes Prices in U.S., Canada for Most Subscription Plans – Variety

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Netflix raised the monthly price of most of its subscription plans in the U.S. and Canada, as the streamer looks to generate more revenue from a slower-growing base customers.

The price increases, announced Friday, will see Netflix’s Standard plan — its most popular tier, which provides two simultaneous HD streams — go up by $1.50, to $15.49 per month.

In addition, Netflix’s Premium plan (with four streams and offering 4K Ultra HD content) is going up by $2, from $17.99 to $19.99 per month, for U.S. customers. The Basic plan (with a single non-HD stream) is going up $1, to $9.99 monthly.

A notice on Netflix’s customer-support site says the new prices apply to new members and will gradually take effect for all current members. “Current members will receive an email notification 30 days before their price changes, unless they change their plan,” the message says.

The company also increased prices in Canada, where the Standard package increased by $1.50 (CAD), rising to $16.49 (CAD), and the Premium plan went up by $2 (CAD) to $20.99 (CAD)/month. In Canada, the Basic plan remained unchanged at $9.99 (CAD)/month.

“We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members,” a Netflix rep said in a statement, using the same language the last time the streamer raised prices. The spokesperson added, “We’re updating our prices so that we can continue to offer a wide variety of quality entertainment options. As always we offer a range of plans so members can pick a price that works for their budget.”

Netflix’s stock rose more than 3% on news of the price increases, before closing for the day +1.25% to $525.69/share. The stock has dropped 13% over the last month amid investor concern over intensifying competition in the streaming wars.

The hikes are the first for U.S. and Canadian customers since October 2020, and Netflix’s third increase in the last three years. The higher rates come as the company has seen its subscriber growth slow down significantly in its UCAN (U.S. and Canada) region over the past year.

In the third quarter of 2021, Netflix netted just 70,000 streaming subscribers in the U.S. and Canada. For the 12 months ended Sept. 30, it gained about 940,000 in UCAN to stand at 74.0 million (+1.3% year over year) compared with a net add of 18.1 million worldwide (+9.4% YoY).

Netflix is scheduled to report Q4 2021 results next Thursday (Jan. 20) after the market closes.

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

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CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

The Canadian Press. All rights reserved.

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

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BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

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TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

The Canadian Press. All rights reserved.

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