
Final ‘Squid Game' season lifts Netflix above earnings forecasts
The final season of global phenomenon 'Squid Game' helped Netflix top Wall Street earnings targets for the second quarter, the streaming service said on Thursday as it raised revenue guidance for the year.
Shares of the company, which had risen nearly 44 per cent this year ahead of the earnings report, dropped nearly two per cent to US$1,252.94 in after-hours trading. The company said its higher revenue forecast 'primarily reflects the weakening of the U.S. dollar.'
For April through June, Netflix posted diluted earnings per share of US$7.19. That topped the US$7.08 consensus estimate of analysts polled by LSEG.
The company raised revenue guidance for 2025 to US$44.8 billion to US$45.2 billion, citing the weakening of the U.S. dollar plus 'healthy member growth and ad sales.' Its previous guidance was up to US$44.5 billion.
For the just-ended quarter, net income came in at US$3.1 billion, edging forecasts of US$3.06 billion. Revenue totalled US$11.08 billion, above the US$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.
Other releases during the quarter included 'Sirens,' 'The Four Seasons' and a third season of 'Ginny & Georgia.'
The streaming video pioneer stopped disclosing quarterly subscriber numbers this year, instead urging investors to focus on profit as a measure of its success. It said member growth was ahead of its forecast but occurred late in the quarter, which limited the impact on second-quarter revenue.
Netflix has been building an ad-supported service to increase revenue and reel in price-sensitive viewers. It also has added live events such as WWE wrestling to draw advertisers and viewers.
Looking ahead, Netflix forecast revenue of US$11.5 billion and net income of nearly US$3 billion. Analysts had projected US$11.3 billion and US$2.9 billion.
The company also has new seasons of two of its biggest shows coming later this year. 'Wednesday' returns in August, and the final episodes of 'Stranger Things' will be released in November and December.
Netflix previously said it does not expect advertising to be a primary driver of revenue growth in 2025.
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Reporting by Lisa Richwine and Dawn Chmielewski in Los Angeles. Additional reporting by Akash Sriram and Kritika Lamba in Bengaluru. Editing by Matthew Lewis
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The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. 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Vancouver Sun
an hour ago
- Vancouver Sun
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Happy realizes he has to return to competitive golf to pay the tuition for his daughter Vienna's (Sunny Sandler) ballet school. The film is neatly stacked with several cameos and winks to the original classic, which will delight many fans and sure to draw in new audiences too. The decision to make Happy Gilmore 2 was rooted in the creative possibilities that nearly three decades offered. Sandler explained the non-negotiable element was simply having 'a lot of stories to think about what could happen, what went on with these people's lives.' As a co-writer on the film, he and Tim Herlihy found joy in imagining the characters' journeys. Adam, I read that there were a lot of things that you and Tim were going through that were added in the movie. So what are some parallels that you saw with Happy 29 years later? Adam: I guess having kids, making it all about the kids, thinking about them first, maybe that. Julie, how was it revisiting an iconic character after three decades? Julie: Thank god we didn't have to be 30 years ago. I mean, they kept throwing babies at me and then more babies and then more babies. And it's been a while since my kids were babies. But once you're with kids, you just don't even have to act. Adam: You always make them comfortable even when they were crying a little bit. Julie: You definitely have to do a little bit more work, but it's good work. I love doing that work. It was very easy. I did not have to pretend that I was 23 and single in that way. It was still in my comfort zone. Christopher, Shooter McGavin is an iconic character. You've always said that this movie is the gift that keeps on giving. Is there something that got to do this time around that you always wanted to do? Christopher: That's a good question. Yes, it is the gift that keeps on giving. I'm glad we're here at this moment because it's coming out really soon. It's something I've been praying for and been an ambassador for years. 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