Why the actors and writers strikes are good news for Netflix
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Netflix, a major target of the current strikes by Hollywood writers and actors, has seen an unexpected cash boost from the two labor unions' actions. In its quarterly earnings report Wednesday, Netflix said it expects to have at least $5 billion in free cash flow for 2023 because of reduced operational costs as a result of the strikes delaying production schedules. That's a significant increase from its previous estimate of $3.5 billion. The company plans to use some of the extra cash to buy back stock, it said. "We're currently running a bit above our targeted minimum cash level, so we expect to increase our stock repurchase activity in the second half of 2023, assuming no material change in our business," Netflix said in a letter to investors . The company's chief financial officer, Adam Neumann, detailed some of the reasons for the cash boost on an investor call Wednesday. In addition to "t