Netflix revenue rises to $10.5 billion following price hike

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.”

The company says its ad-supported plan allows it to “offer lower price points for consumers while creating an additional revenue and profit stream.” It also launched its own advertising technology platform earlier this month.