Netflix to double profits after adding millions of subscribers in three months

Core Insights - Netflix expects to double its profits this quarter after adding over 5 million new subscribers during the summer [1] - The company reported a record 282.7 million paying subscribers, with revenue rising 15% to $9.83 billion and net income increasing 41% to $2.36 billion [1] - Netflix aims to shift focus from audience growth to profitability, forecasting net income of $1.85 billion for the current quarter, up from $938 million in the same period last year [1] Subscriber Growth and Revenue - Netflix's subscriber base grew by 5.1 million in the three months before September 30, reaching a total of 282.7 million [1] - Revenue increased by 15% to $9.83 billion, while net income rose by 41% to $2.36 billion [1] Strategic Initiatives - The company has implemented measures such as cracking down on password sharing, introducing advertisements, and investing in live TV to strengthen its business [1] - Netflix has invested heavily in live broadcasting, including a decade-long deal with WWE and acquiring rights for two NFL games on Christmas Day [3] Competitive Position - Analysts believe Netflix has established a significant lead in the streaming market, with competitors struggling to replicate its successful business model [3] - The company is focused on improving its service and delivering healthy revenue and profit growth as it looks ahead to 2025 [2]