Netflix revenue and profit grows in third quarter
Netflix has reported third-quarter profit above Wall Street's expectations, but its shares fell after it lowered its advertising sales guidance. The streaming company earned $US3.66 billion, or 87 cents per share, for the July to September period, up 44 per cent from a year earlier. Revenue rose 12 per cent to $US12.87 billion. Netflix also announced plans to cut about six per cent of its workforce and replace its chief content officer, Bela Bajaria, with Peter Rice. Shares fell 4.1 per cent after hours.