Core Engagement and Performance - Netflix achieved its highest-ever viewing share in the U.S. at 8.6% and in the U.K. at 9.4%, indicating strong performance in key markets [1] - Since the end of 2022, viewing share has increased by 15% in the U.S. and 22% in the U.K., suggesting sustained competitive gains [2] Importance of Engagement Metrics - Engagement metrics are crucial for Netflix's monetization, enhancing pricing power, reducing churn risk, and improving advertising effectiveness [3] - Higher engagement allows Netflix to raise prices selectively without significant subscriber losses [3] Advertising Business Growth - Netflix's advertising business had its strongest quarter in Q3 2025, with record ad sales and a doubling of U.S. upfront commitments [5] - Upfront commitments will contribute to revenue starting late 2025 and into 2026, improving forecast reliability [6] Structural Drivers of Advertising Growth - Netflix offers a unique combination of global scale, engaged audiences, and advanced buying tools for advertisers [7] - The company has transitioned from an experimental phase to a more established execution phase in its advertising business [7] Future Advertising Roadmap - Netflix plans to enhance targeting and media planning tools globally and introduce more interactive ad formats [8] - Management expects advertising margins to expand as the advertising stack matures, despite potential near-term lag compared to subscription margins [9] Financial Guidance - For Q4 2025, Netflix anticipates revenue growth of 17% and an operating margin of 23.9%, with full-year revenue projected at $45.1 billion and a 29% operating margin [10][11] - The slight revision in revenue expectations is linked to tax issues rather than operational weaknesses [11] Upcoming Earnings Report Focus - The upcoming earnings report will focus on confirming margin normalization post-Brazil, continued advertising momentum, and durable engagement gains [12]

派拉蒙天空之舞与奈飞（Netflix）正在竞购华纳兄弟，其结果可能将重塑美国娱乐业的格局。 而此前表态既不支持派拉蒙也不支持Netflix的美国总 统特朗普，却被外界发现其家族近期购买了Netflix和华纳兄弟的债券，规模至多达200万美元。 12月17日，特朗普大女婿库什纳的私募基金公司突然退出派拉蒙收购华纳兄弟的收购集团，特朗普也公开表示，派拉蒙并不是他的朋友，奈飞也不 是。而此前的市场共识是，与特朗普交好的亿万富翁埃里森将帮助其子所在的派拉蒙赢得收购。 利益冲突 特朗普家族对华纳兄弟和Netflix的投资，再次引发了利益冲突担忧。圣克拉拉大学马克库拉应用伦理学中心领导力伦理学高级总监Ann Skeet表示， 特朗普曾表示将直接参与相关收购的监管决策，这导致他的投资构成利益冲突。 明尼苏达大学法学院教授Richard Painter也指出，特朗普购买Netflix和华纳兄弟的债券只是一个缩影，他在加密货币问题上也存在利益冲突风险，历 任美国总统都会避免此类问题，但特朗普是最不以为意的一任总统。 据白宫最新披露的总统家族财务文件， 特朗普在派拉蒙及Netflix宣布收购华纳兄弟的数日后，购买了100万至20 ...

After banks and other financial institutions set the tone with early fourth-quarter results, a wider array of companies — including Netflix, Johnson & Johnson, and Intel — are scheduled to report earnings this week. Investors are banking on strong results and optimistic guidance to counter rising political and macroeconomic uncertainties.In 2025, after a robust run, major U.S. equity indexes have extended gains into the new year, though they slipped modestly this week and volatility indicators edged higher ...

Core Viewpoint - Netflix is expected to report a strong quarter on January 20, primarily due to the final season of "Stranger Things," which has successfully re-engaged lapsed subscribers and maintained high engagement levels during the holiday season [1] Group 1 - The final season of "Stranger Things" is a significant driver for Netflix's upcoming performance [1] - The holiday period has seen increased engagement among subscribers, attributed to the show's popularity [1] - The company is likely to see a positive impact on subscriber numbers as a result of this season's release [1]

Market Reactions - US stock futures fell, with S&P 500 futures down about 0.7% and Nasdaq futures down 1.0% amid thin trading due to a holiday [2][5] - The dollar weakened against safe-haven currencies, slipping against the Japanese yen and the Swiss franc [2][5] - Gold and silver reached record highs as investors sought safety, while oil prices eased due to concerns over a potential trade dispute impacting global growth [2][5] European Market Sentiment - Major European indices, including EUROSTOXX 50 and Germany's DAX futures, were down 1.1% [2][5] - The European Union condemned the tariff threat from the US, viewing it as economic coercion related to Greenland [3][5] - The EU is considering retaliatory tariffs on €93 billion ($108 billion) worth of US imports, which were previously approved but suspended [3][5] Investment Dynamics - European countries hold approximately $8 trillion in US bonds and equities, nearly double that of the rest of the world combined, which could lead to repatriation of investments [3][5] - Analysts warn that leveraging capital flows could be more disruptive to markets than tariffs alone, given the current negative net international investment position of the US [3][5] Economic Data and Corporate Earnings - Investors are awaiting Chinese economic data, with growth expected to slow to 4.4% in the December quarter from 4.8% previously [3][5] - Delayed data on US core inflation and consumer spending for November is expected to influence Federal Reserve interest rate cut expectations [3][5] - Corporate earnings reports are anticipated from major companies including Netflix, Johnson & Johnson, General Electric, and Intel [3][5] Currency and Commodity Markets - The euro rose 0.1% to $1.1613, while sterling increased to $1.3387; the dollar fell 0.2% against the Swiss franc and 0.3% against the yen [3][5] - Gold prices climbed 1.5% to $4,664 an ounce, while oil prices saw a slight decline, with Brent crude down 0.5% at $63.84 a barrel and US crude off 0.4% at $59.18 [3][5]

智通财经APP获悉，美股主要股指上周几近收平，在第四季度财报季进入密集发布期之际徘徊于历史高 点附近。 市场出现板块轮动：小盘股代表罗素2000指数在最后三个交易日连续刷新历史收盘高位;受科技巨头和 主导市场的AI主题影响较小的道琼斯工业平均指数领涨主要股指。标普500指数全周基本持平，纳斯达 克综合指数则下跌约0.4%。 受委内瑞拉、伊朗和格陵兰等地缘政治消息影响而需密切关注的油价上周亦变化不大，微涨不足 0.5%。 未来一周，随着第四季度财报季全面展开且美联储下次议息会议临近，投资者将聚焦三大主题。 首先是美国总统特朗普将于美东时间周三上午在瑞士达沃斯世界经济论坛发表的讲话。 其次将是有关特朗普对下一任美联储主席人选考量的任何最新动态。截至上周五下午，Polymarket预测 市场显示，前美联储高级官员凯文·沃什最被看好获得提名，概率为60%。此前，特朗普在周五一场活 动中对白宫国家经济委员会主任、另一主要候选人凯文·哈塞特表示，更希望他留任现职。 上述地缘政治纠葛以及政府今年提出的一系列国内政策提案——从信用卡费用上限、多项帮助潜在购房 者的计划到关税政策调整——都可能成为特朗普本年度最重要的国际亮相之 ...

【环球时报特约记者 董铭】在不久前举行的第83届金球奖颁奖典礼上，网飞动画电影《K-POP：猎魔女团》击败迪士尼卖座大片《疯狂动物城2》，斩获最 佳动画片奖。这部基于流行文化元素的动画片之前已获得多个颁奖季奖项，此次再夺金球奖，问鼎奥斯卡的可能性大幅提升，但同时也引发关于"剧情粉丝 向""重流行轻艺术"的质疑。 本届金球奖最佳动画片提名中，共有6部影片入围，其中包括好莱坞去年最卖座的动画片《疯狂动物城2》、同为迪士尼出品的《地球特派员》、网飞平台上 播放量最高的《K-POP：猎魔女团》、日本卖座动画《鬼灭之刃：无限城篇 第一章 猗窝座再袭》，以及两部法国动画《彩虹》和《你好，爱美丽》。从数 量上看，美国制作的动画和非美国动画正好3∶3，但仔细分析会发现，这6部动画中的东亚元素含量不少：《K-POP：猎魔女团》是基于韩流文化打造的超级 英雄题材；《你好，爱美丽》则改编自比利时著名作家阿梅丽·诺冬在日本的童年经历，其导演之一也是亚裔。 "在多年被冷落之后，《K-POP：猎魔女团》和《鬼灭之刃》如今的全球爆火正在迫使奥斯卡思考，什么样的动画才能捧起小金人。"《好莱坞报道者》近日 详细评析了以奥斯卡为代表的好莱坞主流 ...

Wednesday's speech by President Trump at 8:30am represents a critical market catalyst as he outlines economic priorities and policy initiatives for the year ahead. Investors will scrutinize the address for insights into potential tax policy changes, infrastructure spending proposals, regulatory approaches, and crucially, any evolution in trade policy that could impact multinational corporations and global supply chains. Trump's commentary on China relations will be particularly important given ongoing tensi ...

Group 1: U.S.-European Relations and Tariffs - President Trump is leading the largest-ever U.S. delegation to the World Economic Forum in Davos, where he is expected to discuss the war in Ukraine and new tariffs imposed on several European nations [4][5] - Eight countries, including the U.K., France, Germany, and Denmark, will face a 10% tariff starting February 1, which could increase to 25% by June 1 unless agreements are reached [5] - French President Macron has strongly opposed the tariff threats, stating they are unacceptable and will request the activation of the EU's anti-coercion trade tool [5][6] Group 2: AI and Industry Leaders at Davos - The World Economic Forum will focus on AI, particularly the concept of the "Co-Pilot Economy," which emphasizes using AI to augment rather than replace workers [6] - Notable executives attending include Nvidia CEO Jensen Huang, Microsoft CEO Satya Nadella, and Salesforce CEO Marc Benioff [7] Group 3: Netflix Earnings and Market Expectations - Netflix is expected to report earnings with an EPS of $0.55 on revenue of $11.97 billion, driven by major holiday releases [7] - Over the last three months, Netflix has seen 18 upward revisions in EPS estimates and 25 upward revisions in revenue estimates [8] - Analysts suggest Netflix is preparing an all-cash offer for Warner Bros. Discovery, which could impact EPS but help avoid ownership dilution [8][9] Group 4: Upcoming Earnings Reports - Other companies reporting earnings include 3M, United Airlines, Johnson & Johnson, Kinder Morgan, Halliburton, Intel, Visa, GE Aerospace, and Procter & Gamble [9] - Caterpillar and Dell will go ex-dividend on Tuesday, with payout dates in February, while Colgate-Palmolive and Pfizer will also go ex-dividend later in the week [10]

Group 1: Economic Events and Data Releases - The U.S. stock and bond markets are closed for the Martin Luther King Jr. holiday, coinciding with the start of the World Economic Forum in Davos, Switzerland [1][9] - The delayed Personal Consumption Expenditures (PCE) price index for October and November is set to be released, along with the final reading for third-quarter Gross Domestic Product [2][4] - The Federal Reserve is closely monitoring inflation data ahead of its upcoming meeting, with officials divided on whether to continue lowering interest rates [4] Group 2: Company Earnings Reports - Netflix is expected to report on its quarterly earnings, which may provide insights into its acquisition efforts for Warner Brothers Discovery, potentially shifting to an all-cash offer [6] - Intel's stock has been rising due to optimism surrounding its new AI PC chip and significant investments from the U.S. government and Nvidia [7] - GE Aerospace is also reporting this week, with its stock near all-time highs following strong demand in commercial and military aviation [7] - United Airlines' earnings report is anticipated after Delta Air Lines reported a weaker-than-expected profit outlook [7] Group 3: Key Corporate Events - Several major companies, including Johnson & Johnson, 3M, and Travelers Companies, are scheduled to report earnings this week [8]