Fresh off of 120 Emmy nominations, Netflix beat analyst expectations and reported second-quarter revenue of $11.08 billion, up 16%. In the United States and Canada, revenue grew 15% year over year, the company reported in its quarterly earnings on Thursday, despite broader macroeconomic uncertainty. Netflix also upped its full-year revenue guidance to around $45 billion. This is Netflix’s second earnings report since it stopped reporting subscriber numbers except in the case of significant milestones, and this quarter, it did not provide any updates to its subscriber count. “Things all look stable,” co-CEO Greg Peters said on an earnings call Thursday. “Big picture, entertainment in general and Netflix specific[ally] have been historically pretty resilient in tougher economic times.” Supersize me: Netflix’s ads tier, which the company said during its upfront had 94 million monthly active users, continues its build-out, and its “US upfront is nearly complete,” according to a company shareholder letter. Overall, the company expects ad revenue to “roughly double” this year, CFO Spencer Neumann said on the call. The streamer’s ad-tech offerings are also continuing to roll out. Peters confirmed on the call that its in-house platform, Netflix Ads Suite, is now fully available in all countries that offer an ad tier. To offer increased options for ad buyers, Netflix also inked a deal with Yahoo DSP last month. Continue reading here.—JS |