Click to vote. Guess how will $Netflix(NFLX)$ close Thursday 20/7 following their earnings?? If you get the correct answer, you may divide 1000 Tiger Coins with other Tigers.
$Netflix(NFLX)$ is set to post its Q2 2023 earnings after the market close on Wednesday. Its earnings results will be a critical parameter for market sentiment after a strong bull run of tech stocks in the first half of the year. Subscriber change is the most important part of Netflix’s earnings report, as it is the key aspect gauging the company’s growth prospects.
Netflix's Q2 2023 earnings call will be held on 20 July 2023 at approximately at 8:00 SGT. To set a reminder, please click here
🔙 Latest Results
In the first quarter, Netflix added 1.75 million new subscribers, in line with consensus but declining from 7.66 million the previous quarter. Netflix’s global users reached 232.5 million globally by the end of the first quarter. Earnings per share were $2.88, beating market expectations of $2.86, while revenue recorded at $8.16 billion, missing analyst estimates.
Earnings and revenue projections disappointed after Netflix revealed it anticipates earning $2.84 per share on $8.24 billion in the second quarter, below Wall Street forecasts for earnings of $3.05 per share on $8.5 billion in revenue.
📒Netflix Q2 earnings consensus
Analysts expect Netflix’s revenues to come in at $8.289 billion, marking year-over-year growth of about 4%. Adjusted earnings are likely to come in at about $2.9 per share, according to Bloomberg's unanimous expectations.
The Netflix price target was raised to $495 from $470 at JPMorgan, with analysts maintaining an Overweight rating on the stock. They said the firm remains positive on the stock into its second-quarter earnings, with a paid sharing lift this year.
"As a result, we are tweaking our 2Q net adds higher from 1.0M to 2.5M. Our 2.5M estimate is essentially in-line with Netflix's expectations for 2Q net adds 'roughly similar to 1Q,' which was 1.75M, & broader investor expectations for 3M+," the analysts added. "We now project net adds of 2.5M in 2Q, 6.75M in 3Q, & 10M in 4Q, bringing 2023 total net adds to 21M. More importantly, we’re modeling strong revenue acceleration from +6.4% FXN Y/Y in 2Q ($8.37B, guide of $8.24B) to +11.8% FXN Y/Y in 3Q ($8.95B), & to +19.1% FXN Y/Y in 4Q ($9.48B)."
For more information about Netflix Earnings Preview, please click Netflix Earnings Preview: Will Streaming Giant Blow Away Expectations for Subscriber Growth?
💰Event Details
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⏰Event Duration
The deadline for this event is 21:00 on 20th July 2023
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Comments
Even though Netflix added 5.9 million new paid subscribers, its revenue along with a weaker than expected forecast for 3rd quarter revenue disappointed investors.
However I am bullish in the long term as Netflix has exponential growth ahead globally and it has the competitive edge over competitors.
@Tiger_Earnings
🌟🌟🌟$Netflix(NFLX)$ has just reported its latest earnings report with the good news for investors that it added 5.9 million new paid subscribers, beating Wall Street expectations.
Revenue for the 2nd quarter was USD 8.2 billion and Net Income was USD 1.5 billon. It is the leader of online subscription video streaming against a backdrop of intense competition from Disney, Amazon and many others.
Performance wise$Netflix(NFLX)$ share price is up 0.6% today but in the after hours it dropped 8%. However year to date it is up a massive 62%.
Netflix's new strategy of "paid sharing" seems to have reap better returns as it cracks down on password sharing. Its new USD 6.99 ad supported plan is a winner as it is now able to attract more subscribers.
Netflix is in a sweet spot despite Hollywood strike. Netflix has a current Buy rating with forecast it will hit USD 500 by end 2023.
I am bullish on Netflix as it has exponential growth ahead.
@Tiger_Earnings