(NASDAQ: NFLX) crushed Wall Street estimates in the fourth quarter, adding 13.1 million net new subscribers. This was the company's best fourth quarter ever. Revenue was up 12.5% year over year.

While investors continue driving up the price of this top streaming stock, which is up 55% in the last 12 months, it's best not to forget about some of management's strategic shifts in recent years. Let's take a closer look at Netflix's business today and follow up with an important takeaway for investors.

Four years ago, co-founder and then-CEO Reed Hastings mentioned on the Q4 2019 earnings call that Netflix had no plans to sell ads on its platform. Today, it's wild how the tables have turned.

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Source Fool.com