The numbers

2X —Netflix says it doubled its upfront commitments in the latest cycle and recorded its best ad sales quarter.

17% —Revenue growth year over year in Q3, driven by membership growth, pricing adjustments, and ad revenue increases.

28% —The streamer’s operating margin. This was below its 31.5% expectation due to an expense related to an ongoing dispute with Brazilian tax authorities, which it said wouldn’t impact future results.

$45.1 billion —Netflix’s revenue expectations for 2025.

The watercooler talk

Along with the revenue increase, Netflix stated it had its “best ad sales quarter ever,” with the company reiterating previous messaging in a letter to shareholders that it had more than doubled its commitments in the U.S. upfront . The company stated that it was on t

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