Netflix increases profit and revenue in Q3

Netflix reported a profit of $3.66 billion for Q3, a 44% increase year-over-year, with revenues rising 12% to $12.87 billion. Despite exceeding analyst expectations, the company lowered its advertising revenue projections, raising concerns about slowing growth. Analysts note that while Netflix has gained new subscriptions and raised prices, it faces intense competition from platforms like Amazon Prime Video and Disney+. Additionally, the recent merger of Warner Bros. Discovery and Paramount has intensified the competitive landscape. Netflix also announced plans to cut about 6% of its workforce, approximately 1,000 jobs, as part of broader organizational changes.