Apple Hikes Streaming Prices Amid Heavy Competition
Apple Inc (AAPL) has increased the price of its streaming service again, making it $14.99 per month for American consumers.
This move comes after Apple raised prices on its Mac mini and other products in June, with increases ranging from 15% to 25%.
The higher prices are unlikely to lead to cancellations, as consumers have shown a willingness to pay more despite industry-wide price hikes. Apple faces stiff competition from other streaming services such as Netflix (NFLX), Alphabet's (GOOG) YouTube, Disney (DIS), and Paramount Skydance's (PSKY) Paramount+.
Meanwhile, Marvell Technology (MRVL) dropped 10% to $216.62 after the company announced opportunities in various markets, including inference accelerators and storage controllers.
Elastic (ESTC) saw a significant jump of 19.31% to $99.91 following its earnings report, which showed adjusted earnings of $0.70 and revenue growth of 15.2% year-over-year. The company expects earnings in the range of $3.29 to $3.37 for the year.