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Netflix announces yet another price hike for all tiers, over a year after the last one
(alternativeto.net)
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The profit metric they look at isn't profit itself, but actually year-over-year profit increases.
That's the imaginary money line that tells shareholders and execs how much the actual money line has gone up since last year. When a big company says they're operating "in the red", they're still making ungodly amounts of profit - just not as much as last year.