奈飞(NFLX.US)Q2业绩超预期 上调全年营收及利润率指引

Core Insights - Netflix continues to thrive while other media companies are divesting assets and cutting costs, as evidenced by its Q2 financial results which exceeded investor expectations [1] - The company has raised its full-year revenue and profit margin guidance, projecting 2025 revenue between $44.8 billion and $45.2 billion, up from previous estimates [2] Financial Performance - Q2 revenue increased by 15.9% year-over-year to $11.08 billion, surpassing analyst expectations of $11.06 billion [1] - Operating profit reached $3.775 billion, up from $2.603 billion in the same period last year, with an operating margin of 34.1% compared to 27.2% a year ago [1] - Diluted earnings per share were $7.19, exceeding the consensus estimate of $7.08 and up from $4.88 a year earlier [1] Content Strategy - The company launched several popular series in Q2, including "Ginny & Georgia" Season 3 and the final season of "Squid Game," which contributed to its performance during a typically slow season [1] - Upcoming content includes new seasons of "Stranger Things" and "Wednesday," as well as the film "Caddyshack 2," which is expected to drive further engagement [2] Market Position and Competition - Netflix faces intensified competition for viewer attention, with no growth in its U.S. TV viewing share over the past year [2] - The company has stopped disclosing subscriber numbers, focusing instead on traditional metrics like revenue and profit, with approximately 16% of revenue growth attributed to user growth, higher subscription prices, and increased ad revenue [1][2] - Netflix's domestic revenue grew by 15% in Q2 despite a slowdown in user growth, aided by recent price increases [2] Future Outlook - The company anticipates a full-year net profit exceeding $10 billion for the first time, driven by sales growth from favorable exchange rates and a strong content lineup [2] - Netflix is exploring potential acquisitions to expand market share but prefers internal growth strategies, with management expecting increased user engagement in the second half of the year [3]