What happened

Shares of Netflix (NFLX 2.72%) continued to soar on Friday. The move was sparked by Tuesday evening's robust third-quarter earnings report. Three days later, investors are still finding more reasons to be impressed by Netflix's results.

The stock traded 5.2% higher at 1 p.m. ET, slightly below the trading session's peak gain of 6.1% half an hour earlier.

So what

This short composition is not the place for a detailed examination of Netflix's results and updated business plans. The report was much too beefy and complex for that. So instead, I'd like to point you to deeper analyses of the reported financial results, the company's focus shift from subscriber counts to revenue, and three strong reasons why Netflix stock is a buy after the third-quarter report.

That's still just scratching the surface of Netflix's game-changing report. I could also talk about what Netflix's management expects from the launch of ad-supported streaming services. Then, there's the upcoming crackdown on password-sharing. Are you up to date on the renewed commitment to binge-watching instead of weekly series schedules? And don't forget Netflix's review of its moat-building advantages over rivals like Walt Disney and Warner Bros. Discovery.

You're not here to read the Riot Act about Netflix's third quarter. But these are the issues investors and analysts still mull over, several days after the report. The details will have to wait.

Now what

Netflix's stock is building a decent rebound from the multiyear lows of the summer, but it still has a long way to go before regaining last October's all-time highs.

Share prices remain roughly 60% below that year-old peak. At the same time, the company just delivered an encyclopedia's worth of reasons to trust this business in the long run.

In other words, this might just be the perfect time to buy some Netflix stock.