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Netflix’s 4Q subscribers surge, long-time CEO passes baton


( ) -q-30- UNDATED (Correspondent Jeremy House) “quarters of losses.”

Netflix’s subscriber growth is surging again.

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TAG: Correspondent Jeremy House reporting. The company based in Los Gatos, California, also announced Thursday that its co-founder Reed Hastings is relinquishing his role as co-CEO to become executive chairman.

VERBATIM: The growth is providing an early sign that Netflix’s shift to include ads in a cheaper version of its video streaming service is helping combat tougher competition and attract cost-conscious customers grappling with inflation. The company disclosed a gain of 7.7 million subscribers during the October-to-December period, a stretch that included the debut of an ad-supported option for $7 per month. It’s the second straight quarter of strong subscriber growth after two quarters of losses.

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