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 powered higher into the close of Friday trading, notching their biggest single-day gain in a year, following a solid set of third quarter earnings and a host of Wall Street price target changes for streaming media giant.

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.

Netflix is trading higher today after it beat both revenue and EPS estimates while its net subscriber count was in line with estimates.

Netflix NFLX has once again proven its mettle in the streaming wars, delivering a stellar third-quarter 2024 performance that cements its position as the industry leader. The company's impressive earnings beat and raised guidance make it a compelling case for investors looking to capitalize on the growing digital entertainment market.

Netflix's Q3 numbers were great, with top-line revenue up almost 17% year over year. Other streamers are finding it difficult to turn a profit while Netflix is netting billions. Its ad-supported tier is helping turbocharge growth.

When the company's third-quarter 2024 results were released after the market closed on Thursday, investors liked what they saw, and shares jumped 11% on Friday. After Friday's stock pop, Netflix shares ended the trading week at $763.