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Revenue missed by $30M, nobody will remember by Friday — the ads business is the real story

$NFLX Q2 2026: revenue $12.56B (+13% YoY), just barely missing the $12.59B estimate. Net income $3.40B (+9%), operating margin 33.4% (down 0.7pt YoY on higher tech/dev/marketing spend). Membership and pricing trends stayed healthy, and the ads business remains on track for ~$3B of revenue in 2026. Full-year guide is 13-14% reported growth, ~$6B of incremental revenue. A $30M revenue miss on a $12.5B quarter is noise; the ads ramp actually hitting its number is the thing worth tracking.
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  • u/bagholder_ben
    Margin compression from marketing spend is the only thing I'd watch here
    3
  • u/dip_diana
    Ads business hitting its own guide while the core keeps growing double digits is underrated ngl
    5

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