Netflix executives messaged Thursday that all is well with the business in the face of economic turbulence. But its full-year outlook tells a slightly more nuanced story.
Netflix posted a big beat on operating margin for the first quarter, reporting 31.7% compared with the average estimate of 28.5%, according to StreetAccount. And it guided well above analyst estimates for the second quarter — 33.3% against an average estimate of 30%.
By its own phrasing, Netflix was “ahead” of its own guidance for the first quarter and is “tracking above the mid-point of our 2025 revenue guidance range.”
Still, Netflix declined to alter any of its longer-term projections. That suggests Netflix isn’t quite as confident in its second half.
“There’s been no material change to our overall business outlook since our last earnings report,” Netflix wrote in its quarterly note to shareholders.
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