Final 'Squid Game' season lifts Netflix above earnings forecasts
Shares of the company, which had risen nearly 44 per cent this year ahead of the earnings report, dropped nearly 2 per cent to $1,252.94 in after-hours trading. The company said its higher revenue forecast "primarily reflects the weakening of the U.S. dollar."
For April through June, Netflix posted diluted earnings per share of $7.19. That topped the $7.08 consensus estimate of analysts polled by LSEG.
The company raised revenue guidance for 2025 to $44.8 billion to $45.2 billion, citing the weakening of the U.S. dollar plus "healthy member growth and ad sales." Its previous guidance was up to $44.5 billion.
For the just-ended quarter, net income came in at $3.1 billion, edging forecasts of $3.06 billion. Revenue totalled $11.08 billion, above the $11.07 billion analyst projection.
Netflix released the third and final season of dystopian Korean drama "Squid Game" a few days before the second quarter ended in June. The show is the most popular non-English Netflix show in the streaming service's history. Season three racked up 122 million views, Netflix said.
Other releases during the quarter included "Sirens," "The Four Seasons" and a third season of "Ginny & Georgia."
The streaming video pioneer stopped disclosing quarterly subscriber numbers this year, instead urging investors to focus on profit as a measure of its success. It said member growth was ahead of its forecast but occurred late in the quarter, which limited the impact on second-quarter revenue.
Netflix has been building an ad-supported service to increase revenue and reel in price-sensitive viewers. It also has added live events such as WWE wrestling to draw advertisers and viewers.
Looking ahead, Netflix forecast revenue of $11.5 billion and net income of nearly $3 billion. Analysts had projected $11.3 billion and $2.9 billion.
The company also has new seasons of two of its biggest shows coming later this year. "Wednesday" returns in August, and the final episodes of "Stranger Things" will be released in November and December.
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