What’s New: In our first take on tonight’s results, we dig into: 1. 3Q beats, 2024 guide raised, 4Q guidance mixed, new 2025 guidance 2. Ad revenue will double in 2025 (vs our +90% est.), still oversupplied versus demand 3. Member growth still driving 2025 revenue, with no news on UCAN price increases 4. Content slate could drive material net new member additions in 4Q24 5. Margins, FCF and capital return all remain solid
Ahead of Thursday PM’s earnings report, we review set up for the stock into the print, what to look for in the investor letter and listen for on the earnings broadcast, our top questions for management, potential positive and negative catalysts, and our views on key controversies, debates and conversation topics of late...
We have refreshed our advertising model and adjusted ad-supported members/users, CPMs, and fill rate in the UCAN segment, resulting in higher estimates and a higher target for NFLX. In the note, we review the short- and long-term implications of the current aggressive CTV pricing environment, how NFLX’s recent changes (NFL games, more ad tech partners, management changes, etc.) may impact its competitive positioning, and review our revised ad model in detail.
Moody's Ratings (Moody's) assigned Baa1 rating to Netflix, Inc.'s (Netflix) proposed senior unsecured notes, which will be comprised of various maturities. The outlook is stable. The net proceeds from the proposed offering will be used for repayment at maturity of the company's outstanding 5.875% ...
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