Netflix posted Q2 revenue of $12.56 billion, falling about $20 million short of analyst consensus, while earnings per share of $0.80 beat estimates by a penny. The company's forward revenue guidance implies growth at its slowest rate in three years. Netflix also announced it will cut its 'What We Watched' viewership report from a regular cadence to once per year.
The guidance miss is the part that moves the stock. Investors price Netflix on future growth, so a multi-year low in projected revenue expansion puts direct pressure on the premium valuation the stock has carried. The pullback in data transparency compounds that, since viewership figures are one of the few external checks on subscriber engagement quality.
July 18: Netflix Q2 earnings call replay and analyst Q&A transcripts. Next quarter: Q3 2025 earnings report with updated revenue guidance.
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