TMTB: NFLX (flat) First take
Overall looks solid…inline with bogeys - rev and ebit headline beat for Q1 / Q2 guide…full year reiterated for revs and ad revs although saying tracking above midpoint…
Sees no material change to overall business outlook since last earnings report on Jan. 21
Currently tracking above the mid-point of 2025 revenue outlook range of $43.5B to $44.5B
2025 revenue outlook assumes "healthy" member growth, higher subscription pricing and a rough doubling of ad revenue, partially offset by F/X net of hedging
Mgmt usually sounds good on the calls…
Think this solid print will continue the trade we’ve seen this week: tariff/china safe havens outperforming
NFLX GUIDANCE: Q2
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