Netflix (NFLX, Neutral, $975 target) NFLX First Take: Ads on track, but engagement per member sluggish
In our first take on tonight’s results, we dig into:1. Steady beat and raise driven by FX, good fundamentals and late 2Q surge
2. Ad revenue still expected to double this year, multiple levers improving
3. 1H25 engagement report shows viewing per member slightly down
4. TF1 deal adds new vector for content strategy, no details on terms, including ads
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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- Pan European Telecom Services and Cable
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