To say Wall Street loved 's (NASDAQ: NFLX) quarter may be an understatement, as the stock shot up 16% the day following the report. Most of this enthusiasm stemmed from growing paid memberships and strong guidance, but I still have reservations about Netflix stock.

Despite a good third quarter, I still think Netflix stock is uninvestible. If you're curious about why I have a contrarian view, read on to find out.

Netflix's subscriber growth can be traced to a few catalysts, namely an advertising tier and a crackdown on password sharing. This forced many Netflix faithful subscribers to either pay for their own memberships or pay more for the primary subscriber's membership.

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Source Fool.com