Netflix share price jumps after reports that the company is hiking its prices

Clara Guibourg
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Netflix shares were up five points in 10 minutes on the news (Source: Getty)

Streaming giant Netflix is reportedly raising the price of its streaming subscription by $1, reports Bloomberg.

This will put the company's most popular subscription plan at $9.99 a month. The move, which will affect new customers in the US, Canada and parts of Latin America, follows on a similar hike in Europe, where prices were raised by €1 earlier this year.

Investors leapt at the news, and in the first 10 minutes after the news broke Netflix shares, which are only just beginning to recover after a heavy tumble at the end of August, immediately soared five points to 108 in pre-market trading.

Netflix, which has over 65m subscribers, is the top performer this year in the Standard & Poor's 500 index, having more than doubled in value since the beginning of 2015.

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