Netflix's Q2 Earnings: A Mixed Bag

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Key Points:

- Earnings Beat: Netflix reported second-quarter earnings that beat expectations. Diluted earnings per share (EPS) came in at $4.88, surpassing consensus estimates of $4.74 and significantly higher than the $3.29 EPS reported in the same period last year.


- Subscriber Growth: The streaming giant added 8 million-plus subscribers during Q2, driven by popular programming like the latest season of "Bridgerton." This exceeded expectations and followed the 9.3 million net additions in the first quarter.


- Revenue Miss: Despite the positive earnings news, Netflix's stock initially dropped 6% in after-hours trading due to a revenue outlook miss. Q2 revenue reached $9.56 billion, a 16.8% increase compared to the same period last year. However, the company guided for third-quarter revenue of $9.73 billion, falling short of consensus estimates of $9.83 billion.


- 2024 Projections: Netflix increased its full-year 2024 revenue growth projection to 14%-15%, up from the prior 13%-15%. Operating margins are also expected to improve to 26%.



What's Next?

- The company continues to scale its ad-supported tier, with memberships growing 34% quarter over quarter.


- Investors are closely monitoring Netflix's performance, especially as its stock has surged more than 30% since the start of the year.


In summary, while Netflix's earnings beat expectations, the revenue outlook tempered investor enthusiasm. Keep an eye on how the streaming giant navigates the evolving l

andscape! 📺📈



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