Looking ahead, the company expects momentum to continue. Netflix guided for 2025 revenue of roughly $45.1 billion, or about 16% growth. However, it reduced its 2025 operating margin outlook to about 29%, down from 30% previously, reflecting the Brazil expense.

The fifth and final season of “Stranger Things” will begin streaming Nov. 26 with the first four episodes on Netflix. The next two episodes will be released Dec. 25 on the streaming service, followed by the finale Dec. 31 on Netflix and in theaters.

Netflix missed Wall Street’s third-quarter earnings due to an unexpected Brazilian tax expense, but its year-end forecast slightly topped analyst expectations. Ralf Rivas has more.