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The final season of global phenomenon “Squid Game” helped Netflix beat Wall Street earnings targets for the second quarter, and the streaming service raised its revenue guidance for the year.
Some investors had hoped for more from the dominant movie and TV streaming service, analysts said. Netflix shares had risen nearly 44 percent this year ahead of the earnings report on Thursday. The stock fell 1.8 percent to $1,251.86 in after-hours trading, Reuters reported.
Netflix has been building an ad-supported service to reel in price-sensitive viewers, though it has said advertising will not be a primary driver of revenue growth this year. The company also has added live events such as WWE wrestling to draw advertisers and viewers.
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.
Investing.com analyst Thomas Monteiro said investors were expecting “a much stronger upward revision” to 2025 guidance.
“The full-year outlook now feels quite conservative, which is problematic for a stock priced for perfection,” Monteiro said.
“At this stage, the company appears overly dependent on further price increases — at least through 2026 — to drive revenue,” he added.
For the just-ended quarter, net income came in at $3.1 billion, edging forecasts of $3.06 billion. Revenue totaled $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.
