The final season of the global hit 'Squid Game' has helped Netflix surpass Wall Street’s second-quarter earnings expectations, prompting the company to raise its full-year revenue forecast.
Despite the positive results, analysts noted that some investors had anticipated a stronger outlook, especially given the stock’s 44% rise earlier in the year. Shares dipped 1.8% in after-hours trading.
Netflix has been expanding its ad-supported offerings to attract cost-conscious users, although it maintains that advertising won't be a major revenue driver in 2025. The company has also added live programming, including WWE wrestling, to broaden its appeal.
For the April–June period, Netflix reported earnings per share of $7.19, exceeding the $7.08 forecast by LSEG analysts. It now projects 2025 revenue between $44.8 billion and $45.2 billion, slightly above its earlier guidance of up to $44.5 billion.
The update cites a weaker U.S. dollar, strong subscriber growth, and increasing ad sales. Still, some analysts, such as Investing.com’s Thomas Monteiro, felt the outlook remained overly cautious for a company valued so highly.
Netflix's net income for the quarter reached $3.1 billion, marginally beating expectations, while revenue stood at $11.08 billion, slightly surpassing projections.
The third and final season of 'Squid Game,' released just before the quarter ended, drew 122 million views, confirming its status as Netflix’s most-watched non-English show. Other popular releases included 'Sirens,' 'The Four Seasons,' and the latest season of 'Ginny & Georgia.'
The company has stopped revealing quarterly subscriber figures, encouraging investors to focus on profitability instead. It reported that subscriber growth exceeded expectations but came late in the quarter, limiting its impact on revenue.
Looking ahead, Netflix forecasts $11.5 billion in revenue and nearly $3 billion in net income for the next quarter, both slightly above analysts’ estimates. Anticipated new content includes season two of 'Wednesday' in August and the final season of 'Stranger Things' later in the year.
Chief Financial Officer Spencer Neumann said the company remains selective about acquisitions and prefers to grow by building its own assets, stating there's still significant room for expansion within its current strategy.
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