The platform’s total subscriber count is expected to hit nearly 282 million in the latest quarter, a jump from last year’s 247 million

Netflix shares surged to a record high Friday after the streaming giant’s third-quarter earnings beat expectations, with several analysts raising their price targets for the stock.

Video streaming could have been the end of TV commercials, but now even Netflix (NFLX) is making its advertising business a “priority.” This comes as the streaming giant shifts its focus from subscriber growth to profit.

Streaming video pioneer Netflix picked up 5.1 million subscribers in the third quarter, topping Wall Street estimates by more than 1 million users, the company said in its earnings report on Thursday.

Netflix shares rose 11% Friday on third-quarter financial results that beat expectations. Netflix with ads membership jumped 35% compared to the second quarter of 2024.

The popular streaming platform forecast higher customer sign-up rates for December as its ad-supported service drew new viewers.

The Dow Jones Industrial Average and S&P 500 chalked up record closing highs on Friday, with the Nasdaq also in positive territory, as markets were boosted by an earnings-driven jump in Netflix shares and broader gains across technology stocks.