Netflix adds $28 billion in market value after password crackdown drives subscriber spike

• Netflix shares jumped as much as 18% on Thursday, adding roughly $28 billion of market value.
• The streaming giant posted an earnings report that met Wall Street's expectations and announced a spike in subscriber numbers.
• Netflix also announced it would immediately raise prices for its basic and premium plans.

Netflix's stock price gained sharply on Thursday, after the streaming giant announced a big jump in subscriber numbers.

Shares rose as much as 18%, creating $28 billion of additional market value for the streaming giant.

The gains came after Netflix logged earnings-per-share of $3.73 as part of its third-quarter report posted after-hours Wednesday, which beat the $3.49 figure that analysts polled by Refinitiv had forecast.