SAN FRANCISCO, California: Netflix reversed its recent subscriber losses with a summertime gain that its management is hoping to build upon with the upcoming launch of a cheaper version of the video streaming service that will include advertisements for the first time.

The Los Gatos, California-based company reported on Tuesday it picked up 2.4 million subscribers in the third quarter of 2022, reversing a loss of 1.2 million customers in the first half amid stiffer competition and soaring inflation that's squeezing household budgets.