“How Did This Get Made” is going on the road.Hosts/comedians Paul Scheer, Jason Mantzoukas and June Diane Raphael are conducting a six-shows in six days U.S. tour where they’ll discuss a different flick live from Aug.
20.07.2023 - 16:23 / deadline.com
Wall Street reviews of Netflix’ latest earnings ranged from upbeat to more cautiously optimistic, with the latter taking hold today after a major jump in net new subscribers failed to ignite sales last quarter.
Asked why, co-CEOs Ted Sarandos and Greg Peters and CFO Spencer Neumann said they expect a revenue boost from newly launched paid sharing, which just started in May, and from the ad-tier that launched last fall, will be gradual and roll out in coming quarters. But uncertainty on the timing combined with an already frothy share price saw Netflix stock dip after hours Wednesday and lose ground today. It’s trading down almost 9% at $435.
Netflix reported yesterday it added 5.9 million new subscribers for the second quarter ended in June – smashing forecasts. Revenue rose 2.7% to $8.2 billion.
“Given the sheer number of unknowns, it is hard to have any conviction to the upside or to the downside,” research firm MoffettNathanson said in a note on the numbers, reiterating a “market perform” rating and price target of $380. “While the growth of Netflix 1.0 (pre these strategic shifts) had clearly begun to stagnate, investors seem willing to dream the dream that Netflix 2.0 will now be able to reignite faster revenue growth. That is clear just by looking at the stock price, which is up over +60% year-to-date (vs. +17% for the S&P500). And yes, we have become more optimistic in our outlook for Netflix alongside the market,” wrote Michael Nathanson. “Yet, given all of the unknowns and our lack of conviction in this time of constant change, for now we remain cautiously optimistic.”
Tim Nollen of Macquarie has a “neutral” rating and a $410 price target. “Q2 was an even bigger cliffhanger than usual given the launch of the
“How Did This Get Made” is going on the road.Hosts/comedians Paul Scheer, Jason Mantzoukas and June Diane Raphael are conducting a six-shows in six days U.S. tour where they’ll discuss a different flick live from Aug.
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Netflix stands to benefit from the dual strikes underway in Hollywood while competitors like Disney and Apple will get “weaker,” in part because of the streamer’s vast international production pipeline, a top media-stocks analyst said Wednesday on the brink of earnings season.“The strike plays to their advantage,” Michael Nathanson, founding partner of SVB MoffettNathanson, said on CNBC’s “Squawk Box.” “I’ve not been a Netflix bull, but their setup for this quarter and the next 12 months is incredibly strong.”Co-host Andrew Ross-Sorkin seized on that notion, seeking to clarify whether Nathanson meant Netflix would get stronger merely relative to its competition – or if it could help the streamer overall. The answer seemed to be: a bit of both.“I think relative, clearly, right?” Nathanson said.