Thursday, April 17, 2025Considering the blue-chip Dow face-planted ahead of the open on a disappointing Q1 report from UnitedHealth (UNH) , which results in a -22% tanking by Thursday’s close, this was a pretty flat day. The S&P 500 closed +0.13% and the Nasdaq finished the session -0.13% — hard to get flatter than that. And the small-cap Russell 2000 quietly put together a decent +0.92% showing.UnitedHealth has now swung to a -10% loss year to date, just as investors were coming around to putting their mon ...

Core Insights - Netflix exceeded Wall Street expectations for quarterly results, reporting revenue of $10.54 billion for the first quarter, slightly above analysts' estimates of $10.52 billion [1] - The company projected revenue growth to $11.04 billion for the upcoming quarter, driven by membership growth and higher pricing, surpassing the analyst consensus of $10.90 billion [3] Financial Performance - Diluted per-share earnings reached $6.61, exceeding consensus estimates of $5.71 [2] - Netflix's revenue growth is supported by the popularity of its content, including new releases like Adolescence, Zero Day, and Temptation Island [2] Market Position and Subscriber Dynamics - Netflix maintains a strong market position with over 300 million global subscribers, having added a record 18.9 million subscribers in the fourth quarter of 2024 [5] - The company has seen significant interest in its lower-priced, ad-supported tier, which accounts for 55% of new sign-ups in available markets [4] Leadership Changes - Co-founder Reed Hastings transitioned from executive chairman to non-executive chair as part of the company's leadership evolution and succession planning [2]

ToplineNetflix will report its first-quarter earnings results Thursday afternoon, a report which analysts expect will show the streaming giant’s best quarter ever by several metrics, setting the stakes for Netflix stock moving forward after it emerged as a perhaps surprising stock market safe haven during the recent slump.Netflix co-CEO Ted Sarandos attends a Netflix premiere in February.Getty Images for Netflix Key FactsIn its Q1 due shortly after 4 p.m. EDT market close, Netflix is expected to report its ...

Group 1 - Netflix Inc is experiencing gains while other major tech companies are struggling, with a 1.22% increase over the past month, 8.45% year-to-date, and 56.70% over the past year [1][2] - In contrast, other companies in the Enormous Eight, such as Tesla, Apple, and Alphabet, have seen significant declines, with Tesla down over 36% YTD and Apple down over 20% [2][3] - The technical indicators for Netflix show strong bullish momentum, with the stock above its eight, 20, 50, and 200-day simple moving averages, and oscillators indicating it is neither overbought nor oversold [4] Group 2 - The S&P 500 is down 10% YTD and over 7% for the month, highlighting Netflix's performance as a standout in a challenging market [5] - Netflix's ability to deliver positive performance amidst a broader tech correction suggests a potential shift in market dynamics from streaming wars to stock market prominence [5]

As filed with the U.S. Securities and Exchange Commission on April 16, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________________ Yorkville Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________________________ | Cayman Islands | 6770 | N/A | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I ...

Netflix unveils its first-quarter results Thursday afternoon. The report will kick off a rather momentous earnings season for media amid churning stock markets and recession jitters prompted by the Trump administration’s global tariffs. Traditionally the company that fires the starting gun for entertainment and tech numbers every three months, Netflix may be a calming place to start this time. As tariffs cast a pall across business sectors including media, the streaming giant may be Wall Street‘s top stock ...

Core Viewpoint - The competition between Netflix and Disney in the streaming market presents investors with a choice regarding which company offers a superior investment opportunity, with Netflix showing strong operational execution and Disney providing a more compelling valuation and diversified revenue streams [2][24]. Group 1: Netflix (NFLX) Analysis - Netflix achieved a record growth of 18.91 million paid net additions in Q4 2024, bringing its total subscriber base to 301.63 million [3]. - The company's Q4 revenue increased by 16% year-over-year, with operating income surging by 52%, and for the full year 2024, Netflix reported over $10 billion in operating income for the first time [4]. - Netflix's free cash flow reached approximately $7 billion in 2024, allowing for significant content investments and shareholder returns [4]. - Major content successes include "Squid Game" Season 2 and live programming events, which enhance viewer engagement [5]. - For 2025, Netflix forecasts revenues between $43.5 billion and $44.5 billion, with a Zacks Consensus Estimate of $44.42 billion, indicating a 13.89% year-over-year growth [7]. Group 2: Disney (DIS) Analysis - Disney's streaming service, including Disney+ and Hulu, reached 178 million subscribers, supported by its diverse business segments such as theatrical releases and theme parks [9]. - The theatrical business surpassed $5 billion in box office revenue in 2024, driven by successful films, which also contribute content to Disney+ [10]. - Disney+ is evolving with features like ESPN integration and new content offerings, enhancing its competitive edge against Netflix [11]. - The Zacks Consensus Estimate projects fiscal 2025 revenues of $94.63 billion, reflecting a 3.58% year-over-year growth, with earnings expected to increase by 10.26% to $5.48 per share [13]. Group 3: Valuation and Performance Comparison - Disney's forward P/S ratio of 1.57X is significantly more attractive compared to Netflix's, indicating better relative value for investors [16]. - Over the past year, Netflix's stock surged by 50.8%, outperforming Disney and the broader market, with a five-year return of 112.1% and a ten-year return of 1,040.6% [19]. - Despite Netflix's stronger operating margins at 27%, Disney's comprehensive entertainment ecosystem offers unique long-term value creation opportunities [23]. - Disney is viewed as a stronger investment opportunity due to its attractive valuation, diverse revenue streams, and growth potential beyond streaming [24][25].

Core Insights - Alphabet's stock has recently become the cheapest among the Magnificent Seven stocks, with a P/E ratio below 20, primarily due to tariff-related economic uncertainty [1] - Despite concerns that generative AI could impact Google Search, the service has maintained double-digit growth over the past year, indicating a slow potential decline in revenue [2] - Alphabet's growth is supported by other high-growth businesses, including YouTube and Google Cloud, which experienced accelerating growth last year [2] Waymo's Expansion - Waymo, Alphabet's autonomous robotaxi service, has launched in Austin, Texas, marking its fourth city, and has seen significant early success [3][4] - In its first month, Waymo in Austin logged 80% more rides than in San Francisco during the same period, suggesting strong adoption outside of tech-centric cities [4] - The partnership with Uber for the Austin launch has contributed to this success, with Waymo rides accounting for 20% of all Uber rides in the city during the last week of March [6][7] Implications for Uber - The early adoption of Waymo in Austin is beneficial for Uber, as it launched exclusively through the Uber app, enhancing demand for both services [6][10] - Uber's dual-path strategy as a demand aggregator and service provider for Waymo's fleet raises questions about the revenue potential from this partnership [9][10] - The revenue share arrangement between Waymo and Uber remains undisclosed, and it is uncertain if Waymo will eventually develop its own standalone app [11] Industry Comparisons - The Waymo/Uber partnership draws parallels to the early days of streaming services, where traditional networks benefited from selling content to platforms like Netflix [12] - Unlike Netflix, which could produce original content, Uber lacks the means to develop its own self-driving technology following its divestiture of the autonomous driving unit [14] - For Uber to compete in the long term, it may need Aurora to enhance its offerings to match Waymo's capabilities [15] Conclusion - The successful launch of Waymo in Austin represents a potential new revenue stream for Alphabet, alongside its existing businesses [16] - Alphabet's stock is currently viewed as a more attractive investment compared to Uber, given its lower valuation [16]

Summary of Netflix Inc. Conference Call Company Overview - **Company**: Netflix Inc (NFLX.O) - **Industry**: Media & Entertainment - **Market Cap**: $379.271 billion - **Current Share Price**: $867.83 (as of April 7, 2025) - **Price Target**: $1,150.00, indicating over 30% upside potential [6][8] Key Points and Arguments Investment Thesis - **Durable Growth**: Netflix is expected to achieve a 20-25% adjusted EPS CAGR over the next four years, driven by double-digit revenue growth and consistent margin expansion [3][8] - **Engagement Metrics**: Members engage with nearly two hours of content daily, supporting pricing power and revenue growth [16][19] - **Revenue Projections**: - Expected adjusted EPS for 2027 is $37.36, with a bull case projecting $45 [3][6] - Revenue growth forecasted at 15.4% in 2025, with advertising revenues expected to grow from $700 million in 2024 to $1.3 billion in 2025 [8][10] Market Conditions - **Macro Environment**: A weaker global macroeconomic backdrop is anticipated, but Netflix is expected to show resilience due to its subscription model and recent USD weakness [1][4] - **Advertising Market**: The advertising market is facing challenges, but Netflix's advertising revenue is projected to contribute 10-15% to total revenue growth [10][11] Content Strategy - **Content Advantage**: - Approximately 30% of hours streamed come from non-English language content, highlighting Netflix's global reach [19] - Original programming accounts for about 60% of viewing hours among top titles, reinforcing the value of Netflix's content library [28] - **Upcoming Releases**: Major franchises like "Stranger Things," "Wednesday," and "Squid Game" are set to release, which could drive engagement and viewership [13] Risks - **Bear Case Scenario**: If global consumer and advertising weakness persists, top-line growth could fall below 10% in 2026, leading to a potential share price drop to $550 [4] - **Regulatory Risks**: Rising global regulatory and tax risks, particularly related to content production quotas and streaming taxes, could impact profitability [4] Engagement Insights - **Viewing Trends**: Over 94 billion hours of content were streamed in 2H24, with a slight decline in daily hours per member, likely due to paid sharing initiatives [16][17] - **Diversity of Content**: The top 100 titles accounted for 19% of viewing, indicating a healthy mix of original and licensed content [23] Competitive Positioning - **Market Leadership**: Netflix and YouTube are positioned as leading players in the global streaming market, each valued at over $40 billion [15] - **Advertising Monetization**: The necessity for successful advertising monetization is increasing, especially as Netflix expands into creator-led content and leverages AI for efficiencies [15] Additional Important Insights - **Engagement Growth**: Aggregate views from the top 10 weekly lists grew by 8% year-over-year in 1Q25, indicating strong content performance [31] - **Content Consumption**: The depth of viewing across Netflix's catalog remains consistent, with a significant portion of viewing coming from older original series and films [24][29] This summary encapsulates the key insights and projections regarding Netflix's performance, market conditions, content strategy, and potential risks, providing a comprehensive overview for investors and stakeholders.

Group 1: Economic Impact of Tariffs - President Trump's decision to impose sweeping tariffs has led to one of the worst quarters for the U.S. stock market in years, raising concerns about the overall economic impact [1] - The retaliatory actions from other countries in response to these tariffs are expected to further affect the economy [1] Group 2: Netflix - Netflix's business model is somewhat insulated from tariffs as it generates most of its revenue from subscriptions rather than physical products [3] - The company may still face challenges if an economic slowdown leads to reduced advertising budgets, impacting its ad-supported subscription tier [4] - Despite potential subscriber losses during a recession, Netflix is well-positioned for long-term growth due to its strong revenue, earnings, and free cash flow [5] - Netflix has an addressable market of $650 billion, of which it has captured only 6%, indicating significant growth potential [6] - The company is expected to benefit from the ongoing shift from linear TV to streaming, making it a strong buy-and-hold option [7] Group 3: Visa - Visa operates as a leading provider of financial services, facilitating digital transactions without issuing credit cards or providing loans, which reduces its exposure to borrower defaults during recessions [8][9] - The potential for higher inflation due to tariffs could benefit Visa, as its fees are a small percentage of transactions, leading to increased revenues with higher spending [10] - Visa's long-term prospects are strong due to the shift away from cash and checks, supported by a network effect that enhances its attractiveness to both consumers and businesses [11] - The company has increased its dividend payouts by approximately 392% over the past decade, indicating a reliable income stream for investors [12]