> Netflix has been profitable since at least 2005.. Only because you're allowed to not count issuing junk bonds towards your profitability. Netflix only start

> Netflix has been profitable since at least 2005.. Only because you're allowed to not count issuing junk bonds towards your profitability. Netflix only started having cash positive quarters this year, and has fifteen billion dollars in debt, generally going up by four billion dollars a year. Netflix literally could not have afforded the interest on those junk bonds as a private company. It was only able to borrow so cheaply on the promise of it's growth. (And this year is unusually friendly to them due to Covid, I do not think they are suddenly actually profitable, they just didn't spend nearly as much as normal.)