Netflix Surpasses Q3 Expectations with Profit Growth and Anticipated Price Hikes

Netflix exceeded Wall Street expectations for Q3 earnings per share and subscriber growth, with a gain of 8.76 million subscribers. The company confirmed that a new round of price hikes is on the way. Netflix has been making progress with paid password sharing and advertising-backed subscriptions, with subscriptions to the ad plan rising 70% sequentially. Despite challenges from strikes in the industry, Netflix has generated over $5 billion in free cash flow in 2023 and expects to reach $6.5 billion for the full year. Content spending for the year is estimated to be around $13 billion.