Netflix Gains 5.9M Subscribers

Netflix gained 5.9 million new subscribers in the second quarter, indicating that its crackdown on password sharing has been effective. The streaming giant forecasts further subscriber gains of around 6 million in the next quarter, and it expects revenue to accelerate in the second half of the year. The company saw a boost in its free cash flow estimate to $5 billion for the year, outperforming its earlier projection of $3.5 billion. Netflix has bounced back from last year when subscriber growth stagnated, and its valuation dropped. The company's strong growth contrasts its rivals, such as Disney and Warner Bros. Discovery, which have faced challenges and made cuts to their streaming services.