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Which means the multibillion-dollar windfall is a direct consequence of lower costs - that is, not having to spend $20 million per episode on The Witcher. Meanwhile, revenue is also up, but only slightly (8%).

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In addition to a 20% profit bump, the company is expected to generate $6.5 billion in free cash flow this year. Also, it helps to not be cable, because unlike news, late-night, and sitcoms, Ozark and Bridgerton aren’t perishable. The streamer was able to cut costs without materially affecting the user experience, as it already had a content library as deep as the Mariana Trench. My thesis: The strike would “force” a universal reduction in spending, while actually increasing the relative value of Netflix to consumers.

Told You Soįive months ago I predicted the writers’ strike would do more to help Netflix than harm it. We’ve discussed entertainment’s woes at length this year, but Netflix has replaced Disney, Discovery, and Paramount on the content Iron Throne and boasts a market cap equal to all three combined.

Think about it: a DVD-by-mail company turned internet platform turned Hollywood giant that would eventually join the same power acronym as Apple, Amazon, and Google. Since it delivered DVDs in envelopes, the company has defied the odds. However, rebounds are not new for Netflix. Fast-forward one circumnavigation of the Sun, and Wall Street is “gushing” over its “beautiful” results while the rest of the industry flounders. It was the worst performing stock in the S&P 500. For this post though, I’ll focus on Netflix, as its management has better hair, and they’re not mendacious fucks.Ī year ago, Netflix was losing 1 million subscribers per quarter and had shed 75% of its market cap. Over at Meta, revenue increased 24% and costs declined 7%, resulting in a doubling in profits. Meanwhile, the company is raising prices.

The numbers were striking: NFLX profits hit $1.6 billion (up 20% from a year earlier) and the platform added 9 million new subscribers. Despite receiving scant coverage, the biggest business stories last week were Netflix and Meta’s quarterly earnings.