美国的劳动力市场表现依然稳健。美国劳工部称，上周初请失业金人数增加0.6万人，达到22.2万人，但 四周均值下降了750人，至22.02万人，这是过去五周的第四次下降。接下来，市场正密切关注即将公布 的4月非农就业报告。 不过，企业正面临更大压力。标普4月美国综合采购经理人指数（PMI）降至16个月低位51.2，逼近荣 枯线。其中，占经济重要地位的服务业指数从上个月的54.4跌至4月的51.4。标普全球首席商业经济学家 威廉姆森（Chris Williamson）表示："人们对未来一年商业状况的信心急剧恶化。关税被认为是价格上 涨的主要原因。" 与此同时，通胀预期居高不下。密歇根大学消费者调查显示，一年期通胀预期为6.5%，为1981年以来 的最高水平。长期通胀预期也达到4.4%，处于上世纪90年代以来高位。 分析人士认为，特朗普不断变化的关税政策造成的日益增长的经济不确定性正在侵蚀商业和消费者信 心，这可能会削弱支出并导致失业。美联储经济状况褐皮书报告显示，几个地区报告称，企业对就业采 取观望态度，比如暂停或放缓招聘，直到经济状况更加明朗。 伦交所数据显示，4月以来资金向非美市场流动的趋势有所放缓。 上周美 ...

流媒体公司Spotify将在美国以外地区提高订阅价格。 ...

Group 1 - Spotify, a Nordic streaming music company, plans to increase subscription prices in markets outside the United States [1] - The price increase will be equivalent to an increase of 1 euro [1] - This pricing policy will apply to the European and Latin American markets [1]

Core Viewpoint - The company Netflix (NASDAQ: NFLX) is performing well despite intense competition in the streaming industry, with management successfully enhancing revenue, profit, and cash flow. The latest financial results for Q1 FY2025 exceeded analyst expectations, but analysts recommend a "hold" rating due to high stock prices and limited potential for further outperformance [1][11]. Financial Performance - For Q1 FY2025, Netflix reported revenue of $10.54 billion, a 12.5% increase from $9.37 billion in the same quarter last year, surpassing analyst expectations by $40 million [1][4]. - The company's operating income for Q1 FY2025 was $3.35 billion, with a net income of $2.89 billion and diluted EPS of $6.61, exceeding analyst expectations by $0.95 [4][7]. Regional Performance - Revenue from the UCAN (U.S. and Canada) region was $4.62 billion, a 9.3% increase from $4.22 billion year-over-year [3]. - The Asia-Pacific region saw the fastest growth, with revenue increasing by 23.1% from $1.02 billion to $1.26 billion [3]. - EMEA (Europe, Middle East, and Africa) revenue grew by 15.1%, from $2.96 billion to $3.4 billion, while Latin America experienced slower growth at 8.3%, increasing from $1.17 billion to $1.26 billion [3]. Advertising and Content Strategy - Netflix is expanding its advertising business, launching the Netflix Ads Suite to enhance services for advertisers, with more ad-related products expected to launch throughout the year [5]. - The company continues to invest in high-quality content, with popular series achieving significant viewership, such as "The Upshaws" with 124 million views and "The Night Agent" with 146 million views [6]. Future Outlook - For the entire FY2025, management expects revenue to be between $43.5 billion and $44.5 billion, indicating a year-over-year growth of 12.8% [8]. - The operating margin is projected to reach 29%, up from 26.71% in FY2024, with net income expected to be around $11.02 billion [9]. - Free cash flow is anticipated to be approximately $8 billion for the year [9]. Valuation Concerns - Despite strong performance, Netflix's valuation remains high, making it less attractive for value investors. Analysts find it difficult to envision further expansion of the company's price-to-earnings ratio given broader economic challenges [11].

点击蓝字，关注我们 唐纳德·特朗普总统呼吁美联储主席降息，越来越多迹象显示其贸易战正将美国经济推向衰退边 缘。受此影响，美股大幅下跌，美元与长期国债价格走低。 智通财经APP获悉，唐纳德·特朗普总统呼吁美联储主席降息，与此同时，越来越多迹象显示其 贸易 战正将美国经济推向衰退边缘 。受此影响， 美股大幅下跌，美元与长期国债价格走低，黄金价格则 逆势上涨。 昨夜标普500指数收盘下跌2.4%，纳斯达克100指数跌幅达2.5%，芝加哥期权交易所波动率指数(Cboe VIX)徘徊在34左右。特斯拉股价在周二盘后财报发布前暴跌5.7%;沙拉连锁餐厅Sweetgreen(SG.US)宣 布首席运营官离职后，股价下跌8.2%。 特朗普对鲍威尔的最新施压，再次引发市场对总统干预美联储政策的担忧。 自上周以来，特朗普的 一系列抨击，让人们开始质疑美联储能否保持政治独立性——而这种独立性正是美国金融市场信心的 基石。与此同时， 美联储青睐的通胀指标最新数据仍高于目标水平。 在财报季，特朗普反复无常的贸易政策令市场愈发紧张不安，财报发布高峰也于周二正式开启。许多 公司已经下调或取消了年度业绩预期，分析师们也在匆忙下调对美国大型企 ...

Group 1 - President Trump is calling for the Federal Reserve Chairman to lower interest rates, amid signs that the trade war is pushing the U.S. economy towards recession [1][2] - The S&P 500 index closed down 2.4%, and the Nasdaq 100 index fell by 2.5%, indicating significant market declines [1][3] - Many companies have lowered or canceled their annual performance forecasts, leading analysts to hastily adjust their earnings growth predictions for large U.S. companies [1][5] Group 2 - The S&P 500 index has dropped 9% since Trump announced significant tariffs on most U.S. trading partners, with a total decline of 16% from its February peak [3][5] - Earnings expectations for S&P 500 constituents are at a rare low, close to extreme levels seen outside of recession periods [5] - The upcoming earnings reports from major companies like Tesla, Alphabet, Boeing, and Intel are crucial for assessing the impact of tariffs and economic slowdown [4][5]

每经记者 岳楚鹏 每经编辑 高涵 ①【三大期指齐跌，科技股普跌】截至发稿，道指期货跌0.92%、标普500指数期货跌1.07%、纳指期货 跌1.18%，苹果下跌1.51%，英伟达下跌2.25%。 ⑥【分析人士：特朗普若解雇鲍威尔或冲击美债】据央视财经报道，美国总统特朗普的盟友以及美联储 官员近日都公开发声，对近期特朗普施压美联储主席鲍威尔的行为提出了批评。美国路易斯安那州、共 和党参议员约翰·肯尼迪接受美国全国广播公司NBC采访时，更是直言认为总统无权解雇美联储主席。 有分析人士警告，如果特朗普真的采取解雇鲍威尔的激进措施，那么美债市场就可能会受到冲击。 ⑦【推迟在美国投产平价车型Model Y，特斯拉跌超3%】近日，据外媒援引消息人士报道，特斯拉推迟 了在美国制造平价版Model Y的计划。特斯拉曾承诺在今年上半年推出这一车型，以提振低迷的销量。 知情人士称，这款低价版Model Y内部代号为E41，全球首批量产原计划在美国启动，但现在预计将比 特斯拉公开承诺的时间晚至少几个月，可能推迟到今年第三季度或明年初。截至发稿，特斯拉下跌 3.82%。 ⑧【大摩重申黑石集团增持评级】近日，摩根士丹利最新研报重申对黑 ...

特朗普称将推迟 TikTok 交易。 当地时间 4 月 17 日，特朗普在白宫办公室回应对华关税问题时透露，有关 TikTok 的交易正在推 进，取决于中国的态度，但计划将其推迟，直到先解决关税问题。在月初加征对华关税后，特朗普 曾表态不希望 TikTok 关停，并将其 "不卖就禁" 禁令延期到 6 月 20 日。同场记者会上，特朗普还 说不希望继续提高对华关税，因为到了一定程度，人们就不会再买东西了。上周，中国商务部发言 人称，美方如果继续关税数字游戏，中方将不予理会。 特斯拉减产 Cybertruck。 据媒体报道，特斯拉已在得克萨斯超级工厂下调 Cybertruck 的生产目标，有报道称一些生产团队的 规模已缩减超过 50%，并将部分员工调往 ModelY 生产线。公司内部数据显示，一季度 Cybertruck 交付量同比下降 13%，仅为6406 辆。尽管预约量超过 100万辆，目前 Cybertruck 累计交付仍未突 破 5 万辆。为刺激需求，特斯拉于4月推出 7 万美元后驱版本，然而市场反响平平，部分经销商 反馈折扣幅度高达 8000美元，但库存依旧堆积。 中国加强智驾宣传监管，禁止车企夸大效果 ...

Core Viewpoint - Netflix is expected to face significant competition in 2025 despite a projected revenue growth of $10.5 billion, operating income of $3 billion, and earnings per share (EPS) of $5.72, with year-over-year growth rates of 12%, 14%, and 5% respectively [1] Group 1: Financial Performance Expectations - For Q1 2025, Netflix's revenue, operating income, and EPS growth are anticipated to be lower than the actual growth rates seen in 2024 [1] - The expected revenue for Q2 2025 is $10.9 billion, with an EPS of $6.27, reflecting growth rates of 14% and 28% respectively [3] - The company has raised its full-year revenue guidance for 2025, indicating a positive outlook despite a softer Q1 performance [2] Group 2: Competitive Landscape - Netflix's competitive advantage remains strong against rivals like Disney and Amazon, with analysts noting that Netflix's content offerings are superior [8] - The company is experiencing a significant influx of new subscribers, with 55% of new registrations coming from regions adopting tiered advertising plans [2] Group 3: Capital Expenditure and Cash Flow - Netflix's capital expenditures are expected to rise significantly during key events, such as NFL games, indicating a strategic approach to spending [7] - The company's free cash flow generation has improved markedly since 2022, moving from negative to positive cash flow [6] Group 4: Valuation and Market Sentiment - Netflix is trading at a forward P/E ratio of 40, with an expected growth rate of 25%, suggesting a slightly lower price-to-earnings growth ratio than anticipated [6] - The stock has shown a return of 84% in 2024, indicating strong market performance leading up to the earnings report [7]

Core Insights - The article emphasizes the importance of mastering complex information and gaining forward-looking insights to succeed in investment analysis during the earnings season [1] Group 1: Tools for Earnings Analysis - EVTS <GO> allows analysts to track important company events and announcements in real-time, integrating with Microsoft Outlook to ensure no critical events are missed [2] - MODL <GO> provides access to hundreds of key financial metrics and consensus forecasts, enabling analysts to compare their predictions with market consensus and quickly react to earnings reports [4][5] - ALTD <GO> leverages alternative data such as consumer transaction data to provide near-real-time insights into company performance, enhancing predictive accuracy [6][7] Group 2: AI and Data Visualization - DS <GO> utilizes AI to identify key discussion topics from earnings call transcripts, helping analysts capture emerging themes and opportunities [10] - GF <GO> enables the creation of detailed charts that compare actual performance against consensus forecasts, aiding in the analysis of earnings surprises and historical performance [11]