The second quarter saw an 8% increase in Netflix subscriptions, and revenue increased compared to last year. Despite outperforming earnings expectations, the company reported revenue of $8.19 billion, missing its target. Additionally, Netflix is taking steps to deter password sharing.On Wednesday, Netflix reported quarterly revenue and subscriptions rose, as its efforts to stop password sharing gained traction. The company said it added 5.9 million subscribers in the second quarter and that it expects to see more revenue in the second half of the year from both paid sharing and advertising. It reported net income of $1.49 billion, up 4% from the prior-year period. Netflix also revealed that it has removed its "basic" ad-free plan, making its standard plan with ads its lowest tier at $6.99 a month. The streaming giant said it has rolled out its new policy to most of its customers and that it anticipated a large portion of the password sharers who have started their own accounts would become long-term customers.
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