Netflix (NFLX, Neutral, $600 target) NFLX First Take: Disclosure Change Underscores Maturing Business
What’s New: In this first take following tonight’s results, we touch on:1. No quarterly subscriber/ARM figures starting 1Q25; new annual revenue guidance instead
2. Revenue growth shifting from subscribers to ARM through 2024
3. Little new advertising color, we expect updated metrics at Upfront, and
4. New capital structure targets driving more flexibility.
Netflix is engaged in subscription streaming entertainment service including TV series, documentaries and feature films across a variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and resume watching, without commercials. Additionally, several members in the United States subscribe to the company's DVD-by-mail service. The company improves its streaming content with a focus on a programming mix of content. The company's members can download a selection of titles for offline viewing. The company operates its business as a global operating segment.
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