(Photo by Chesnot/Getty Images

Netflix blew past investor expectations Monday, adding more subscribers and revenue than forecast and plans to spend more on content than ever before.

Why it matters: It's another reminder for Pay-TV providers and TV networks that the traditional cable bundle can't compete with the power of on-demand.

The numbers also show how much bigger Netflix's subscriber base continues to grow compared to Amazon and Hulu, it's biggest on-demand rivals.

By the numbers, per CNBC:

  • Revenue: $3.29 billion vs. $3.28 billion expected by Thomson Reuters
  • Earnings per share: 41 cents vs. 41 cents expected by Thomson Reuters
  • Total subscription additions: 8.33 million vs. 6.39 million expected by Netflix
  • Domestic subscriber additions: 1.98 million vs 1.29 million expected by StreetAccount
  • International subscriber additions: 6.36 million vs. 5.10 million estimated by StreetAccount

The company says it plans to spend up to $8 billion on content in 2018, up from roughly $7 billion in 2017.

In a twist, the company said it lost $39 million for content that was not released, which although not specified, could possibly be linked to shows and movies put on hold or cancelled due to sexual harassment scandals.

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Updated 15 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 21,020,216 — Total deaths: 761,393— Total recoveries: 13,048,303Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,289,323 — Total deaths: 167,948 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health.
  4. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.

Facebook goes after Apple

Illustration: Lazaro Gamio/Axios

Facebook is seeking to force a face-off with Apple over its 30% in-app purchase commission fee, which Facebook suggests hurts small businesses struggling to get by during the pandemic.

The big picture: Facebook has never publicly gone after Apple, a key strategic partner, this aggressively. Both companies face antitrust scrutiny, which in Apple's case has centered on the very fee structure Facebook is now attacking.