We're sunsetting PodQuest on 2025-07-28. Thank you for your support!
Export Podcast Subscriptions
cover of episode Instant Reaction: Netflix Logs Record Profit, But Withholds User Data

Instant Reaction: Netflix Logs Record Profit, But Withholds User Data

2025/4/17
logo of podcast Bloomberg Daybreak: US Edition

Bloomberg Daybreak: US Edition
AI Deep Dive AI Chapters Transcript
People
L
Lucas Shaw
M
Mark Douglas
Topics
Lucas Shaw: Netflix 此次财报最大的不同之处在于，这是他们首次没有公布订阅用户数据。虽然可以通过分析营收和价格变动来推算用户数量，但这降低了透明度，也减少了我们分析公司业绩的乐趣。此外，Netflix 在股东信中花了大量篇幅讨论海外投资和市场份额，特别是与 YouTube 的竞争，这反映了他们对竞争的关注。Netflix 对竞争的描述会根据季度业绩而有所不同，业绩好时会更侧重于宏观层面的竞争（如游戏、TikTok 等），业绩一般时则会更关注直接竞争对手。我不喜欢这种做法，因为数据是评估公司业绩最简单的方式。Netflix 不再公布订阅用户数据，可能与其用户增长放缓有关，这使得他们可以更关注其他更容易控制的业绩指标。Netflix 受国际贸易摩擦的影响相对较小，因为其业务模式主要为服务而非商品，但经济衰退仍会对其造成负面影响。关于 Netflix 的分析师电话会议，最值得关注的问题是其广告业务的具体数据。 Mark Douglas: Netflix 广告收入目前占比仍然较小，但其广告支持的订阅用户数量增长迅速，未来增长潜力巨大。Netflix 广告投放的精准度还有待提高，其主要面向大型品牌广告商，这限制了其广告收入的增长。Netflix 作为首选流媒体平台，用户不太容易取消订阅，即使价格上涨。Netflix 凭借先发优势以及其在用户观看习惯中的首要地位，在流媒体竞争中占据优势。广告商更青睐直播体育赛事广告位。Netflix 将直播体育赛事扩展到美国以外的市场，将带来巨大的机遇。Netflix 与体育赛事的合作受限于长期合同。广告商对在 Netflix 投放广告很感兴趣，但 Netflix 的广告定价策略需要调整以适应市场。Google 对其在线广告技术垄断的判决结果影响有限。

Deep Dive

Chapters
Netflix exceeded Wall Street's profit forecasts in Q1, driven by price hikes and strong programming. However, this is the first time they've reported without subscriber data, a key metric for investors. The company is shifting focus to traditional financial metrics.
  • Netflix Q1 profit exceeded estimates
  • First time reporting without subscriber data
  • Company emphasizes traditional financial metrics like sales and profit

Shownotes Transcript

Netflix reported first-quarter profit that exceeded Wall Street forecasts, boosted by a recent price increase and a strong slate of programming across the globe, like the hit UK series Adolescence. The owner of the world’s most popular online TV network said in a statement Thursday that earnings rose 25% to $6.61 a share, easily beating analysts’ estimates of $5.68. Sales grew 13% to $10.5 billion, in line with projections. This is the first time Netflix has reported financial results without disclosing how many customers it added or lost — the main yardstick investors previously used to gauge the company’s performance. Management is forcing investors to judge its success or failure based on more traditional financial metrics. The company boosted operating income by 27% to $3.3 billion, beating expectations of $3 billion. Its operating margin of 31.7% was more than three percentage points above its own forecast. For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with Bloomberg News Entertainment Reporter Lucas Shaw and Mark Douglas, President and CEO of MNTN.

See omnystudio.com/listener) for privacy information.