News Brief
Summary
Netflix shares fell after the company reported Q3 earnings that missed estimates, primarily due to an unexpected expense from a tax dispute in Brazil. Despite this, revenue grew 17%, meeting expectations, driven by membership gains and higher ad revenue.
Key Points
- Stock Drop: Shares fell as much as 7% following the earnings report.
- Earnings Miss: EPS was $5.87 vs. $6.97 estimated (LSEG). Revenue was $11.51B, matching estimates.
- Brazilian Tax Dispute: An expense related to this issue lowered operating margin to 28%, below the 31.5% guidance. The company does not expect a material future impact.
- Revenue Growth: Q3 revenue rose 17% year-over-year. Q4 revenue is also expected to grow 17%.
- Full-Year Outlook: Revenue forecast maintained at $45.1B (16% growth). Operating margin forecast lowered to 29% from 30% due to the tax matter.
- Ad Business & Pricing: Ad sales had their best quarter, but growth is still seen as primarily from subscriptions. Recent price hikes lead to questions about future pricing power.
- Content & Licensing: Strong Q4 content slate announced. “KPop Demon Hunters” is a major success, leading to new toy partnerships and potential expansions into live experiences and other merchandise.
新闻简报
总结
Netflix股价下跌，因其第三季度盈利未达预期，主要原因是与巴西税务纠纷相关的一项意外支出。尽管如此，营收增长了17%，符合预期，这得益于会员增长和广告收入增加。
关键点
- 股价下跌：财报发布后，股价跌幅高达7%。
- 盈利未达预期：每股收益为5.87美元，低于预估的6.97美元（LSEG）。营收为115.1亿美元，符合预估。
- 巴西税务纠纷：与此问题相关的一项支出将运营利润率降至28%，低于31.5%的指引。公司预计此事不会对未来业绩产生重大影响。
- 营收增长：第三季度营收同比增长17%。第四季度营收预计也将增长17%。
- 全年展望：营收预测维持在451亿美元（增长16%）。因税务问题，运营利润率预测从30%下调至29%。
- 广告业务与定价：广告销售创下季度最佳纪录，但增长仍被认为主要来自订阅费。近期的涨价引发了对未来定价能力的质疑。
- 内容与授权：公布了强大的第四季度内容阵容。《KPop Demon Hunters》大获成功，促成了新的玩具合作伙伴关系，并可能扩展到现场体验和其他商品领域。
Original Article Link: https://www.cnbc.com/2025/10/21/netflix-nflx-earnings-q3-2025.html