Netflix Is Still on a Tear. Why the Stock Is Limping Into Earnings.

Barrons2022-01-20

Netflix shares head into Thursday’s fourth-quarter earnings report under a cloud. The streaming-video service’s shares are off nearly 20% since it posted third-quarter results in October—and 6% below ...

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精彩评论

PengsieX
2022-01-20
PengsieX
Spending too much on new shows without the intention to continue when the ratings or response wasn't as good as expected
- PorterLamb:
  I'm also curious about their ideas? They're crazy.
- MamieBenson:
  I guess it may want to vigorously develop new shows.
- NinaEmmie:
  When a program doesn't pay attention to ratings, I don't know what it's necessary to exist.
- EvelynHoover:
  I quite agree with you. Sometimes I don't quite understand what managers are thinking

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Third-quarter earnings included better-than-expected user growth — the company added 4.4 million net new subscribers, above its own forecast of 3.5 million. Netflix had third-quarter revenue of $7.48 billion, in line with estimates, and profits of $3.18 a share, well ahead of the Street consensus at $2.56 a share.For the December quarter, the company is projecting 8.5 million net new subscriber additions, with revenue of $7.7 billion, up 16%. Street consensus calls for 8.3 million net adds, $7.7 billion in revenue, and profits of 83 cents a share. For the March quarter, Street estimates call for revenue of 8.2 million, profits of $3.47 a share, and 5.7 million net subscriber additions.Just last week, Netflix ratcheted up subscription prices in the U.S. and Canada. In the U.S., a standard subscription, which includes HD-quality video and the ability to stream on two devices at the same time, is now $15.49 a month, up from $13.99. Basic service is now $9.99 a month, up from $8.99. Premium service, which allows up to four simultaneous streams, jumps to $19.99 a month, from $17.99.In a research note Wednesday, Wells Fargo analyst Steven Cahall repeated his Overweight rating and $800 target on Netflix shares. He writes that an analysis of download data from the research firm Apptopia suggests the company’s new-subscriber guidance is conservative. He raised his forecast for the December-quarter net adds to 10 million from a previous 9.5 million, which already was way ahead of both guidance and consensus.Cahall notes that the December quarter was a “monster” from a content perspective, including popular movies like Don’t Look Upand Red Notice, and ongoing interest in Squid Game.Piper Sandler analyst Thomas Champion likewise repeats his Overweight rating and $705 target on the stock heading into the earnings report. Champion writes that while subscriber data could be “erratic” in the near term, he sees long-term growth above 25 million subscribers a year “for the foreseeable future.” He notes that free cash flow should be “handily positive” in 2022, and contends that “valuation looks compelling relative to the last 5 years.”Likewise, BofA Securities analyst Nat Schindler keeps his Buy rating and $750 target on Netflix shares. “With a massive content slate lineup in 2022 and continued growth in Asia, we see opportunity for subscriber upside and potential for new subscriber models as key positive stock drivers in 2022,” Schindler wrote in a research note this week.MoffettNathanson analyst Michael Nathanson is more cautious. In a recent research note, he predicted that fourth-quarter financial data will show that two of the newer entrants into the streaming market—Paramount+ from ViacomCBS (VIAC) and Peacock from Comcast (CMCSA)—will post the most net subscriber adds in the U.S. “In fact, looking out into 2022, we think the narrative of improving content slates at virtually every [subscription video-on-demand] platform will underscore the increasingly competitive nature and current low return profile of this business,” he writes.For Netflix, Nathanson adds, the story from here is about growth in Asia, and eventually lower-priced mobile-first markets. “2022 should prove that no one single company has a monopoly on great content,” he writes.He recently repeated his Neutral rating on Netflix shares while trimming his price target on the stock to $460 from $465. He thinks investors “will focus on Netflix’s relatively high valuation and the longer-term implications of hitting a subscriber ceiling in their most valuable regions of the world.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":630960226,"gmtCreate":1642667643831,"gmtModify":1642667644226,"author":{"id":"3578047933589423","authorId":"3578047933589423","name":"PengsieX","avatar":"https://static.tigerbbs.com/ebe92821eba3b91a6431d698b66bbed5","vip":1,"hat":"https://static.tigerbbs.com/f84859c65fc2d7681e28f6b8e9b0535a","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3578047933589423","idStr":"3578047933589423"},"htmlText":"Spending too much on new shows without the intention to continue when the ratings or response wasn't as good as expected","listText":"Spending too much on new shows without the intention to continue when the ratings or response wasn't as good as expected","text":"Spending too much on new shows without the intention to continue when the ratings or response wasn't as good as expected","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/630960226","repostId":1105696017,"repostType":4,"repost":{"id":"1105696017","kind":"news","pubTimestamp":1642666637,"share":"https://www.laohu8.com/m/news/1105696017?lang=zh_CN&edition=full","pubTime":"2022-01-20 16:17","market":"us","language":"en","title":"Netflix Is Still on a Tear. Why the Stock Is Limping Into Earnings.<blockquote>Netflix仍在热泪盈眶。为什么该股一瘸一拐地实现盈利。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105696017","media":"Barrons","summary":"Netflix shares head into Thursday’s fourth-quarter earnings report under a cloud. The streaming-vide","content":"<p><html><head></head><body>Netflix shares head into Thursday’s fourth-quarter earnings report under a cloud. The streaming-video service’s shares are off nearly 20% since it posted third-quarter results in October—and 6% below where they were at the end of 2020.</p><p><blockquote><html><head></head><body>Netflix股价周四将在阴云笼罩下发布第四季度收益报告。自10月份公布第三季度业绩以来，这家流媒体视频服务公司的股价已下跌近20%，比2020年底低6%。</body></html></blockquote></p><p>Investors have been treating Netflix (ticker: NFLX) as an out-of-favor stay-at-home play, a segment in which stocks like Zoom Video Communications (ZM), Peloton Interactive (PTON), and Chegg (CHGG) have cratered as some parts of the economy reopen—even while the pandemic drags on.</p><p><blockquote>投资者一直将Netflix（股票代码：NFLX）视为不受欢迎的居家游戏，Zoom Video通信公司(ZM)、Peloton Interactive(PTON)和Chegg(CHGG)等股票在这一领域遭受重创随着经济的某些部分重新开放——即使疫情仍在持续。</blockquote></p><p>That’s a little surprising. Unlike Zoom, Peloton, and Chegg, Netflix is showing no signs of slowing. Third-quarter earnings included better-than-expected user growth — the company added 4.4 million net new subscribers, above its own forecast of 3.5 million. Netflix had third-quarter revenue of $7.48 billion, in line with estimates, and profits of $3.18 a share, well ahead of the Street consensus at $2.56 a share.</p><p><blockquote>这有点令人惊讶。与Zoom、Peloton和Chegg不同，Netflix没有表现出放缓的迹象。第三季度收益包括好于预期的用户增长——该公司净新增用户440万，高于自己预测的350万。Netflix第三季度营收为74.8亿美元，符合预期，每股利润为3.18美元，远高于华尔街普遍预期的每股2.56美元。</blockquote></p><p>For the December quarter, the company is projecting 8.5 million net new subscriber additions, with revenue of $7.7 billion, up 16%. Street consensus calls for 8.3 million net adds, $7.7 billion in revenue, and profits of 83 cents a share. For the March quarter, Street estimates call for revenue of 8.2 million, profits of $3.47 a share, and 5.7 million net subscriber additions.</p><p><blockquote>该公司预计12月份季度净新增用户850万，收入77亿美元，增长16%。华尔街一致认为评级净增830万美元，收入77亿美元，每股利润83美分。Street预计看涨期权3月份季度的收入为820万美元，每股利润为3.47美元，净用户新增570万。</blockquote></p><p>Just last week, Netflix ratcheted up subscription prices in the U.S. and Canada. In the U.S., a standard subscription, which includes HD-quality video and the ability to stream on two devices at the same time, is now $15.49 a month, up from $13.99. Basic service is now $9.99 a month, up from $8.99. Premium service, which allows up to four simultaneous streams, jumps to $19.99 a month, from $17.99.</p><p><blockquote>就在上周，Netflix提高了美国和加拿大的订阅价格。在美国，包括高清质量视频和同时在两台设备上播放流媒体的能力的标准订阅现在是每月15.49美元，高于13.99美元。基本服务现在是每月9.99美元，高于每月8.99美元。高级服务最多允许四个同步流，从每月17.99美元跃升至19.99美元。</blockquote></p><p>In a research note Wednesday, Wells Fargo analyst Steven Cahall repeated his Overweight rating and $800 target on Netflix shares. He writes that an analysis of download data from the research firm Apptopia suggests the company’s new-subscriber guidance is conservative. He raised his forecast for the December-quarter net adds to 10 million from a previous 9.5 million, which already was way ahead of both guidance and consensus.</p><p><blockquote>在周三的一份研究报告中，富国银行分析师Steven Cahall重申了他对Netflix股票的跑赢大盘评级和800美元的目标。他写道，对研究公司Apptopia下载数据的分析表明，该公司的新用户指导是保守的。他将12月季度净增长预测从之前的950万上调至1000万，这已经远远超出了指导和共识。</blockquote></p><p>Cahall notes that the December quarter was a “monster” from a content perspective, including popular movies like <i>Don’t Look Up</i>and <i>Red Notice</i>, and ongoing interest in <i>Squid Game</i>.</p><p><blockquote>卡霍尔指出，从内容角度来看，12月季度是一个“怪物”，包括像<i>别抬头</i>和<i>红色通告</i>，以及对<i>鱿鱼游戏</i>.</blockquote></p><p>Piper Sandler analyst Thomas Champion likewise repeats his Overweight rating and $705 target on the stock heading into the earnings report. Champion writes that while subscriber data could be “erratic” in the near term, he sees long-term growth above 25 million subscribers a year “for the foreseeable future.” He notes that free cash flow should be “handily positive” in 2022, and contends that “valuation looks compelling relative to the last 5 years.”</p><p><blockquote>Piper Sandler分析师Thomas Champion同样在财报发布前重申了跑赢大盘的评级和该股705美元的目标。Champion写道，虽然订户数据在短期内可能“不稳定”，但他预计“在可预见的未来”，每年订户的长期增长将超过2500万。他指出，2022年自由现金流应该“轻松为正”，并认为“相对于过去5年，估值看起来令人信服”。</blockquote></p><p>Likewise, BofA Securities analyst Nat Schindler keeps his Buy rating and $750 target on Netflix shares. “With a massive content slate lineup in 2022 and continued growth in Asia, we see opportunity for subscriber upside and potential for new subscriber models as key positive stock drivers in 2022,” Schindler wrote in a research note this week.</p><p><blockquote>同样，美国银行证券分析师Nat Schindler维持Netflix股票的买入评级和750美元的目标。辛德勒在本周的一份研究报告中写道：“随着2022年庞大的内容阵容以及亚洲的持续增长，我们认为订户增长的机会和新订户模式的潜力是2022年关键的积极股票驱动因素。”</blockquote></p><p>MoffettNathanson analyst Michael Nathanson is more cautious. In a recent research note, he predicted that fourth-quarter financial data will show that two of the newer entrants into the streaming market—Paramount+ from ViacomCBS (VIAC) and Peacock from Comcast (CMCSA)—will post the most net subscriber adds in the U.S. “In fact, looking out into 2022, we think the narrative of improving content slates at virtually every [subscription video-on-demand] platform will underscore the increasingly competitive nature and current low return profile of this business,” he writes.</p><p><blockquote>MoffettNathanson分析师Michael Nathanson则更为谨慎。在最近的一份研究报告中，他预测第四季度财务数据将显示，流媒体市场的两家新进入者——维亚康姆哥伦比亚广播公司(VIAC)的派拉蒙+和康卡斯特(CMCSA)的孔雀——将在美国净订阅用户增加最多。“事实上，展望2022年，我们认为几乎每个[订阅视频点播]平台改善内容列表的叙述将凸显该业务日益激烈的竞争性质和目前的低回报状况，”他写道。</blockquote></p><p>For Netflix, Nathanson adds, the story from here is about growth in Asia, and eventually lower-priced mobile-first markets. “2022 should prove that no one single company has a monopoly on great content,” he writes.</p><p><blockquote>Nathanson补充道，对于Netflix来说，这里的故事是关于亚洲的增长，以及最终价格较低的移动优先市场。“2022年应该证明没有一家公司能够垄断优秀内容，”他写道。</blockquote></p><p>He recently repeated his Neutral rating on Netflix shares while trimming his price target on the stock to $460 from $465. He thinks investors “will focus on Netflix’s relatively high valuation and the longer-term implications of hitting a subscriber ceiling in their most valuable regions of the world.”</p><p><blockquote>他最近重申了对Netflix股票的中性评级，同时将该股目标价从465美元下调至460美元。他认为投资者“将关注Netflix相对较高的估值以及在全球最有价值地区达到订户上限的长期影响。”</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Netflix Is Still on a Tear. Why the Stock Is Limping Into Earnings.<blockquote>Netflix仍在热泪盈眶。为什么该股一瘸一拐地实现盈利。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNetflix Is Still on a Tear. Why the Stock Is Limping Into Earnings.<blockquote>Netflix仍在热泪盈眶。为什么该股一瘸一拐地实现盈利。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2022-01-20 16:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Netflix shares head into Thursday’s fourth-quarter earnings report under a cloud. The streaming-video service’s shares are off nearly 20% since it posted third-quarter results in October—and 6% below where they were at the end of 2020.</p><p><blockquote><html><head></head><body>Netflix股价周四将在阴云笼罩下发布第四季度收益报告。自10月份公布第三季度业绩以来，这家流媒体视频服务公司的股价已下跌近20%，比2020年底低6%。</body></html></blockquote></p><p>Investors have been treating Netflix (ticker: NFLX) as an out-of-favor stay-at-home play, a segment in which stocks like Zoom Video Communications (ZM), Peloton Interactive (PTON), and Chegg (CHGG) have cratered as some parts of the economy reopen—even while the pandemic drags on.</p><p><blockquote>投资者一直将Netflix（股票代码：NFLX）视为不受欢迎的居家游戏，Zoom Video通信公司(ZM)、Peloton Interactive(PTON)和Chegg(CHGG)等股票在这一领域遭受重创随着经济的某些部分重新开放——即使疫情仍在持续。</blockquote></p><p>That’s a little surprising. Unlike Zoom, Peloton, and Chegg, Netflix is showing no signs of slowing. Third-quarter earnings included better-than-expected user growth — the company added 4.4 million net new subscribers, above its own forecast of 3.5 million. Netflix had third-quarter revenue of $7.48 billion, in line with estimates, and profits of $3.18 a share, well ahead of the Street consensus at $2.56 a share.</p><p><blockquote>这有点令人惊讶。与Zoom、Peloton和Chegg不同，Netflix没有表现出放缓的迹象。第三季度收益包括好于预期的用户增长——该公司净新增用户440万，高于自己预测的350万。Netflix第三季度营收为74.8亿美元，符合预期，每股利润为3.18美元，远高于华尔街普遍预期的每股2.56美元。</blockquote></p><p>For the December quarter, the company is projecting 8.5 million net new subscriber additions, with revenue of $7.7 billion, up 16%. Street consensus calls for 8.3 million net adds, $7.7 billion in revenue, and profits of 83 cents a share. For the March quarter, Street estimates call for revenue of 8.2 million, profits of $3.47 a share, and 5.7 million net subscriber additions.</p><p><blockquote>该公司预计12月份季度净新增用户850万，收入77亿美元，增长16%。华尔街一致认为评级净增830万美元，收入77亿美元，每股利润83美分。Street预计看涨期权3月份季度的收入为820万美元，每股利润为3.47美元，净用户新增570万。</blockquote></p><p>Just last week, Netflix ratcheted up subscription prices in the U.S. and Canada. In the U.S., a standard subscription, which includes HD-quality video and the ability to stream on two devices at the same time, is now $15.49 a month, up from $13.99. Basic service is now $9.99 a month, up from $8.99. Premium service, which allows up to four simultaneous streams, jumps to $19.99 a month, from $17.99.</p><p><blockquote>就在上周，Netflix提高了美国和加拿大的订阅价格。在美国，包括高清质量视频和同时在两台设备上播放流媒体的能力的标准订阅现在是每月15.49美元，高于13.99美元。基本服务现在是每月9.99美元，高于每月8.99美元。高级服务最多允许四个同步流，从每月17.99美元跃升至19.99美元。</blockquote></p><p>In a research note Wednesday, Wells Fargo analyst Steven Cahall repeated his Overweight rating and $800 target on Netflix shares. He writes that an analysis of download data from the research firm Apptopia suggests the company’s new-subscriber guidance is conservative. He raised his forecast for the December-quarter net adds to 10 million from a previous 9.5 million, which already was way ahead of both guidance and consensus.</p><p><blockquote>在周三的一份研究报告中，富国银行分析师Steven Cahall重申了他对Netflix股票的跑赢大盘评级和800美元的目标。他写道，对研究公司Apptopia下载数据的分析表明，该公司的新用户指导是保守的。他将12月季度净增长预测从之前的950万上调至1000万，这已经远远超出了指导和共识。</blockquote></p><p>Cahall notes that the December quarter was a “monster” from a content perspective, including popular movies like <i>Don’t Look Up</i>and <i>Red Notice</i>, and ongoing interest in <i>Squid Game</i>.</p><p><blockquote>卡霍尔指出，从内容角度来看，12月季度是一个“怪物”，包括像<i>别抬头</i>和<i>红色通告</i>，以及对<i>鱿鱼游戏</i>.</blockquote></p><p>Piper Sandler analyst Thomas Champion likewise repeats his Overweight rating and $705 target on the stock heading into the earnings report. Champion writes that while subscriber data could be “erratic” in the near term, he sees long-term growth above 25 million subscribers a year “for the foreseeable future.” He notes that free cash flow should be “handily positive” in 2022, and contends that “valuation looks compelling relative to the last 5 years.”</p><p><blockquote>Piper Sandler分析师Thomas Champion同样在财报发布前重申了跑赢大盘的评级和该股705美元的目标。Champion写道，虽然订户数据在短期内可能“不稳定”，但他预计“在可预见的未来”，每年订户的长期增长将超过2500万。他指出，2022年自由现金流应该“轻松为正”，并认为“相对于过去5年，估值看起来令人信服”。</blockquote></p><p>Likewise, BofA Securities analyst Nat Schindler keeps his Buy rating and $750 target on Netflix shares. “With a massive content slate lineup in 2022 and continued growth in Asia, we see opportunity for subscriber upside and potential for new subscriber models as key positive stock drivers in 2022,” Schindler wrote in a research note this week.</p><p><blockquote>同样，美国银行证券分析师Nat Schindler维持Netflix股票的买入评级和750美元的目标。辛德勒在本周的一份研究报告中写道：“随着2022年庞大的内容阵容以及亚洲的持续增长，我们认为订户增长的机会和新订户模式的潜力是2022年关键的积极股票驱动因素。”</blockquote></p><p>MoffettNathanson analyst Michael Nathanson is more cautious. In a recent research note, he predicted that fourth-quarter financial data will show that two of the newer entrants into the streaming market—Paramount+ from ViacomCBS (VIAC) and Peacock from Comcast (CMCSA)—will post the most net subscriber adds in the U.S. “In fact, looking out into 2022, we think the narrative of improving content slates at virtually every [subscription video-on-demand] platform will underscore the increasingly competitive nature and current low return profile of this business,” he writes.</p><p><blockquote>MoffettNathanson分析师Michael Nathanson则更为谨慎。在最近的一份研究报告中，他预测第四季度财务数据将显示，流媒体市场的两家新进入者——维亚康姆哥伦比亚广播公司(VIAC)的派拉蒙+和康卡斯特(CMCSA)的孔雀——将在美国净订阅用户增加最多。“事实上，展望2022年，我们认为几乎每个[订阅视频点播]平台改善内容列表的叙述将凸显该业务日益激烈的竞争性质和目前的低回报状况，”他写道。</blockquote></p><p>For Netflix, Nathanson adds, the story from here is about growth in Asia, and eventually lower-priced mobile-first markets. “2022 should prove that no one single company has a monopoly on great content,” he writes.</p><p><blockquote>Nathanson补充道，对于Netflix来说，这里的故事是关于亚洲的增长，以及最终价格较低的移动优先市场。“2022年应该证明没有一家公司能够垄断优秀内容，”他写道。</blockquote></p><p>He recently repeated his Neutral rating on Netflix shares while trimming his price target on the stock to $460 from $465. He thinks investors “will focus on Netflix’s relatively high valuation and the longer-term implications of hitting a subscriber ceiling in their most valuable regions of the world.”</p><p><blockquote>他最近重申了对Netflix股票的中性评级，同时将该股目标价从465美元下调至460美元。他认为投资者“将关注Netflix相对较高的估值以及在全球最有价值地区达到订户上限的长期影响。”</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/netflix-stock-price-earnings-subscribers-51642625439?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.barrons.com/articles/netflix-stock-price-earnings-subscribers-51642625439?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105696017","content_text":"Netflix shares head into Thursday’s fourth-quarter earnings report under a cloud. The streaming-video service’s shares are off nearly 20% since it posted third-quarter results in October—and 6% below where they were at the end of 2020.Investors have been treating Netflix (ticker: NFLX) as an out-of-favor stay-at-home play, a segment in which stocks like Zoom Video Communications (ZM), Peloton Interactive (PTON), and Chegg (CHGG) have cratered as some parts of the economy reopen—even while the pandemic drags on.That’s a little surprising. Unlike Zoom, Peloton, and Chegg, Netflix is showing no signs of slowing. Third-quarter earnings included better-than-expected user growth — the company added 4.4 million net new subscribers, above its own forecast of 3.5 million. Netflix had third-quarter revenue of $7.48 billion, in line with estimates, and profits of $3.18 a share, well ahead of the Street consensus at $2.56 a share.For the December quarter, the company is projecting 8.5 million net new subscriber additions, with revenue of $7.7 billion, up 16%. Street consensus calls for 8.3 million net adds, $7.7 billion in revenue, and profits of 83 cents a share. For the March quarter, Street estimates call for revenue of 8.2 million, profits of $3.47 a share, and 5.7 million net subscriber additions.Just last week, Netflix ratcheted up subscription prices in the U.S. and Canada. In the U.S., a standard subscription, which includes HD-quality video and the ability to stream on two devices at the same time, is now $15.49 a month, up from $13.99. Basic service is now $9.99 a month, up from $8.99. Premium service, which allows up to four simultaneous streams, jumps to $19.99 a month, from $17.99.In a research note Wednesday, Wells Fargo analyst Steven Cahall repeated his Overweight rating and $800 target on Netflix shares. He writes that an analysis of download data from the research firm Apptopia suggests the company’s new-subscriber guidance is conservative. He raised his forecast for the December-quarter net adds to 10 million from a previous 9.5 million, which already was way ahead of both guidance and consensus.Cahall notes that the December quarter was a “monster” from a content perspective, including popular movies like Don’t Look Upand Red Notice, and ongoing interest in Squid Game.Piper Sandler analyst Thomas Champion likewise repeats his Overweight rating and $705 target on the stock heading into the earnings report. Champion writes that while subscriber data could be “erratic” in the near term, he sees long-term growth above 25 million subscribers a year “for the foreseeable future.” He notes that free cash flow should be “handily positive” in 2022, and contends that “valuation looks compelling relative to the last 5 years.”Likewise, BofA Securities analyst Nat Schindler keeps his Buy rating and $750 target on Netflix shares. “With a massive content slate lineup in 2022 and continued growth in Asia, we see opportunity for subscriber upside and potential for new subscriber models as key positive stock drivers in 2022,” Schindler wrote in a research note this week.MoffettNathanson analyst Michael Nathanson is more cautious. In a recent research note, he predicted that fourth-quarter financial data will show that two of the newer entrants into the streaming market—Paramount+ from ViacomCBS (VIAC) and Peacock from Comcast (CMCSA)—will post the most net subscriber adds in the U.S. “In fact, looking out into 2022, we think the narrative of improving content slates at virtually every [subscription video-on-demand] platform will underscore the increasingly competitive nature and current low return profile of this business,” he writes.For Netflix, Nathanson adds, the story from here is about growth in Asia, and eventually lower-priced mobile-first markets. “2022 should prove that no one single company has a monopoly on great content,” he writes.He recently repeated his Neutral rating on Netflix shares while trimming his price target on the stock to $460 from $465. He thinks investors “will focus on Netflix’s relatively high valuation and the longer-term implications of hitting a subscriber ceiling in their most valuable regions of the world.”","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":7195454,"gmtCreate":1642694726120,"gmtModify":1642694726120,"authorId":9000000000000420,"author":{"id":9000000000000420,"idStr":"9000000000000420","authorId":9000000000000420,"name":"PorterLamb","avatar":"https://static.tigerbbs.com/9c61226b13dc84ab3139a9fa00b20782","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":630960226,"type":1,"supId":0,"prevId":0,"content":"I'm also curious about their ideas? They're crazy.","text":"I'm also curious about their ideas? They're crazy.","html":"I'm also curious about their ideas? They're crazy."},{"id":7195412,"gmtCreate":1642693982851,"gmtModify":1642693982851,"authorId":9000000000000494,"author":{"id":9000000000000494,"idStr":"9000000000000494","authorId":9000000000000494,"name":"MamieBenson","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":630960226,"type":1,"supId":0,"prevId":0,"content":"I guess it may want to vigorously develop new shows.","text":"I guess it may want to vigorously develop new shows.","html":"I guess it may want to vigorously develop new shows."},{"id":7195391,"gmtCreate":1642693554427,"gmtModify":1642693554427,"authorId":9000000000000454,"author":{"id":9000000000000454,"idStr":"9000000000000454","authorId":9000000000000454,"name":"NinaEmmie","avatar":"https://static.tigerbbs.com/5fc0bb702215fdd5f1335f8d65e3e9bc","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":630960226,"type":1,"supId":0,"prevId":0,"content":"When a program doesn't pay attention to ratings, I don't know what it's necessary to exist.","text":"When a program doesn't pay attention to ratings, I don't know what it's necessary to exist.","html":"When a program doesn't pay attention to ratings, I don't know what it's necessary to exist."},{"id":7195354,"gmtCreate":1642693119572,"gmtModify":1642693119572,"authorId":9000000000000591,"author":{"id":9000000000000591,"idStr":"9000000000000591","authorId":9000000000000591,"name":"EvelynHoover","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":630960226,"type":1,"supId":0,"prevId":0,"content":"I quite agree with you. Sometimes I don't quite understand what managers are thinking","text":"I quite agree with you. Sometimes I don't quite understand what managers are thinking","html":"I quite agree with you. Sometimes I don't quite understand what managers are thinking"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1105696017","isCrawlerRequest":true}