对此，特朗普21日在社交媒体上要求网飞公司必须立即解雇赖斯，"否则将付出代价"。特朗普还痛斥赖斯，称"她的权力已经消失，且永不复返"。 【环球网报道】据美国"商业内幕"网站报道，美国流媒体平台网飞(Netflix)的董事会成员苏珊·赖斯日前警告那些她所谓的"向特朗普屈膝"的企业将在2028年 大选后自食其果。美国总统特朗普2月21日要求网飞立即将赖斯逐出董事会，否则该公司将"付出代价"。 据报道，赖斯是一名民主党人，她曾在拜登政府担任要职。赖斯19日在一档播客节目上表示，那些"向特朗普屈膝"的企业、媒体公司等不应指望民主党人 会"原谅并忘记"他们的做法，"他们不会有一个好结局"。她说，"我想他们开始意识到，特朗普不受欢迎。他现在所做的事，无论是在经济还是在移民问题 上，都不受欢迎，甚至可能发生反噬……他们将被那些反对特朗普并将在选举中获胜的人追究责任。" 报道提到，网飞现在正在推进一项高风险的收购案。网飞去年12月宣布，已就收购华纳兄弟达成最终交易。这项交易仍需要司法部反垄断部门的批准。特朗 普去年12月时表示，网飞拥有"非常大的市场份额"，因此其潜在的华纳兄弟收购案"可能是一个问题"。不过，特朗普今年2月称 ...

Core Viewpoint - Netflix is a controversial company with both strong supporters and critics, and recent market volatility has increased analysts' interest in potential reverse trading opportunities due to the recent price drop [1]. Q3 Performance: Earnings Miss Expectations, Revenue and Cash Flow Stable - In Q3, Netflix showed signs of weakness, with earnings per share (EPS) at $5.87, significantly below expectations, resulting in a net profit of $2.55 billion. This disappointing performance was heavily influenced by ongoing disputes with Brazilian tax authorities, leading to a one-time expense of $619 million. Consequently, the year-over-year EPS growth rate was less than 9%, which is considered lackluster given the current valuation [2]. - The tax issues are expected to result in a 1 percentage point decline in operating margin for the full year, justifying the market's recent sell-off of the stock [2]. Revenue Growth and Cash Flow - On a positive note, Q3 revenue reached $11.5 billion, a 17% year-over-year increase, comfortably surpassing market consensus expectations. This stable revenue growth was driven by Netflix's advertising business, membership growth, and pricing strategies. Additionally, free cash flow was nearly $2.7 billion, exceeding guidance, and the company raised its full-year free cash flow guidance for 2025 to approximately $9 billion, which may help drive valuation multiples [4]. Valuation Comparison: Significant Growth and Profitability Advantages - Netflix stands out among peers as the only stock demonstrating growth potential based on revenue and EPS growth. In contrast, Disney's business is more mature with slowing growth prospects, while Warner Bros. Discovery and Paramount Global are still in transition and have not fully realized their potential. Netflix's structural growth potential supports a higher forward P/E ratio compared to traditional media companies [6]. - The free cash flow data indicates that Netflix is no longer the cash-burning company it once was. With an EPS growth of around 20% and revenue growth of about 15%, a free cash flow yield of approximately 6% places it in the "growth at a reasonable price (GARP)" category rather than in a bubble. Although some may argue that Disney's valuation is similar from a free cash flow perspective, Netflix's growth rate is 2-3 times that of Disney, suggesting that investors holding long positions in Netflix are not overpaying significantly on a cash basis [6]. Profitability Metrics - Analysts recommend closely monitoring the gross margin performance of Netflix and its peers. Currently, Netflix's profitability is at a different level, with a gross margin of 46%, significantly leading its peers, and an operating margin of about 29%, which is roughly double that of Disney. Warner Bros. Discovery and Paramount Global lag significantly, with operating margins just above 4% and 8%, respectively. This indicates that Netflix's streaming business is more scalable, as it is not burdened by low-margin traditional media operations [7]. Technical Analysis: Weak Uptrend, Downside Risks Persist - Long-term stock price trends show that Netflix's stock has clearly fallen below the -2 standard deviation range, typically seen as a bullish signal. However, the steep slope of the weekly standard deviation price channel suggests that the current trend may be difficult to sustain, requiring a more balanced downward correction. Additionally, the stock has fallen below the 50-week exponential moving average (EMA), and the MACD has crossed below the zero line [8]. - Short-term trends are even weaker, with the stock price breaking below all four major moving averages (20-day, 50-day, 100-day, and 200-day). Momentum indicators are nearly completely weak, and the stock has not yet breached the -2 standard deviation mark, indicating that the remaining buy signals on the weekly chart are absent on the daily chart. Overall, these signs suggest that a significant top may be forming near the June 30 high of $134.12, with potential for further downside [9]. Conclusion: Patience Recommended for More Attractive Entry Prices - Analysts suggest that a wiser approach is to remain patient and wait for a more attractive price level for entry. On a positive note, the one-time tax expense in Brazil is viewed as a favorable catalyst, as the recent stock price decline has obscured many bullish fundamentals present in Q3. However, the stock may still face negative momentum in the short term, with new buying opportunities likely to emerge at more attractive price levels before the end of 2025 [10].