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The following is Dolphin Research's transcript of $Netflix(NFLX.US) FY26 Q1 earnings call. For our earnings take, see 'Even without Warner, it still bombed — has Netflix run out of steam?'. I. Key highlights recap follows.

1) Full-year guide unchanged. For 2026, revenue growth of 12–14%, OPM at 31.5%, and ads revenue target of approx. $3bn (YoY ~2x).

2) M&A-related costs. At the start of the year, mgmt. estimated $275mn, incl. the InterPositive acquisition and the Warner Bros. deal...

Below is Dolphin Research's Trans of the FY2025 earnings call for $Tencent Music(TME.US) and $TME-SW(01698.HK).

I. Key takeaways

0122 | Dolphin Research Focus: 🐬 Macro/Industry 1) Trump announced in Davos that he and NATO Sec.-Gen. Rutte reached a framework on Greenland and the Arctic, centered on access for mineral development and Arctic defense cooperation. Both parties stated that Greenland's sovereignty was not on the table. On that basis, he deferred the tariff hikes on eight European countries that were scheduled for Feb 1.

1205 | Dolphin Research Key Focus: 🐬 Stock 1, $BIDU-W(09888.HK) According to reports, Kunlun Chip (Baidu's AI chip subsidiary) has initiated preparations for listing in Hong Kong, planning to submit the application in the first quarter of 2026 and complete the IPO in early 2027, with the latest valuation of approximately 21 billion RMB. Baidu is the largest shareholder. It has released products such as Kunlun Chip M100 and M300, with tens of thousands of cards deployed, serving as the core foundation of Baidu's AI computing power, and also providing computing power services to external enterprises. The news pushed Baidu's stock price to rise over 8% at one point...

1117 | Dolphin Research Focus: 🐬 Stocks 1. $BABA-W(09988.HK) $Alibaba(BABA.US) Alibaba announced that its personal AI assistant, Qwen APP, has officially started public testing, with simultaneous launches on the web and PC, and is available for free. The APP is built on the Qwen3 model, integrating dozens of functions such as AI photo editing and document reading, and plans to be integrated into various life scenarios. The international version will also be launched soon. On the first day of launch, due to traffic far exceeding expectations, many users reported issues such as entry congestion and unresponsive commands...