盘后一度跌7%！奈飞Q3盈利远逊预期，下调全年指引，业绩受巴西税务冲击

Core Viewpoint - Netflix's third-quarter revenue growth accelerated to over 17% year-on-year, meeting analyst expectations, but net profit and EPS fell at least 14% below expectations due to unexpected tax-related expenses in Brazil [1][3] Revenue and Profitability - Third-quarter revenue was in line with expectations, maintaining double-digit growth, but EPS and net profit significantly missed Wall Street forecasts [3] - Operating profit margin declined to 28.2%, impacted by a $619 million tax dispute expense, which reduced the margin by 5 percentage points; without this expense, the margin could have exceeded the company's guidance of 31.5% [1][3] - The company lowered its full-year operating profit margin guidance from 30% to 29% due to the tax issues [1][3] Advertising Revenue - Netflix reported record advertising revenue in the third quarter, driven by membership growth, price increases, and advertising revenue, with expectations for this year's ad revenue to more than double compared to last year [6] - Despite the strong advertising sales, Netflix did not disclose specific figures for the advertising business, leading to skepticism about the sustainability of revenue growth primarily coming from subscription fees [6] User Engagement and Content - The company achieved record user engagement in the third quarter, with the animated film "Kpop Demon Hunters" becoming the most-watched film on the platform, surpassing 325 million views [5] - Upcoming content for the fourth quarter includes highly anticipated titles such as the final season of "Stranger Things" and new works from renowned directors, which are expected to further boost user engagement [5] Cash Flow and Expansion Plans - Netflix generated $2.66 billion in free cash flow in the third quarter, exceeding Wall Street expectations, and raised its full-year free cash flow guidance to approximately $9 billion, an increase of nearly 9.1% from previous guidance [7] - The company plans to use part of its funds for stock buybacks and content investment, while also expressing interest in potential acquisitions, including assets from Warner Bros. Discovery [8] Competitive Landscape - Netflix is seeking growth from new areas such as advertising and video games, with over 300 million global users, while facing competition from platforms like YouTube, Amazon Prime Video, and Disney+ [9] Partnerships and Merchandise - Netflix announced a collaboration with toy giants Hasbro and Mattel to launch merchandise related to "Kpop Demon Hunters," with products expected to be available in spring 2026 [10]