SAN FRANCISCO (AP) _ Netflix is preparing to raise its Internet video subscription prices by as much as $2 per month this summer to help pay for more programming such as its popular political drama ``House of Cards.''
The price increase will be imposed on new customers by July. The company says current U.S. subscribers will continue to pay $8 per month for a ``generous time period.''
Netflix announced the price increase as part of its first-quarter earnings released Monday.
Investors evidently liked the move. The company's stock surged 6 percent in extended trading after the results came out.
Netflix Inc. earned $53 million, or 86 cents per share, during the first three months of the year. That compared to $2.7 million, or 5 cents, last year.
Revenue rose 24 percent to $1.3 billion.
(Photo: Getty Images Latam / 2011 Getty Images)