<p>作者：Lukas I. Alpert</p>
<p>自上次财报以来，Netflix 的股价已下跌 24%，投资者担心竞争压力可能会影响其增长。</p>
<p>自上次财报电话会议以来，Netflix 的股价稳步下跌，投资者开始怀疑来自亚马逊等竞争对手的压力是否会减缓其增长。</p>
<p>Netflix 长期以来一直处于流媒体行业的顶端，但这并没有阻止投资者担心它能在这个位置上待多久。</p>
<p>自公司 4 月份的最后一次财报电话会议以来，这家流媒体巨头的股价（NFLX）已下跌 24%，主要是由于人们担心竞争压力可能会在长期内影响 Netflix 的增长潜力。</p>
<p>KeyBanc Capital Markets 的 Justin Patterson 在最近给客户的报告中写道：“随着亚马逊加大对 Prime Video 的投入，以及 YouTube 也在争夺更多的观看时间，这引发了对 Netflix 用户参与度和长期定价能力的更多疑问。”</p>
<p>Netflix 最近的麻烦始于它拒绝提高全年收入、收入增长、营业利润率和广告收入的目标，尽管其第一季度的业绩超出了预期。</p>
<p>Netflix 的一位发言人表示，公司坚持的全年预测——预计收入为 507 亿至 517 亿美元，全年营业利润率为 31.5%，收入增长为 12% 至 14%，广告收入为 30 亿美元——并不意味着增长在任何方面放缓。</p>
<p>但投资者显然期待更多。在财报发布后的交易中，Netflix 的股价几乎下跌了 10%，并且自那时以来一直在稳步下滑。周三，该股连续第八个交易日收跌，创下自 2022 年 11 月以来最长的连跌纪录。</p>
<p>在上一次财报发布会上，Netflix 高管辩称，放弃对华纳兄弟探索公司（WBD）827 亿美元的收购提议——这一提议令投资者感到失望——以及扩展直播电视活动、利用人工智能和通过提高价格和广告来增加收入等举措，给了他们广泛的增长空间。</p>
<p>但华尔街并没有被说服。Patterson 表示，围绕 Netflix 的低迷情绪让投资者开始思考亚马逊 Prime Video（AMZN）等竞争对手如何影响整体流媒体市场，并使其变得更加竞争。谷歌的 YouTube（GOOG）（GOOGL）在媒体公司中也长期占据了最大的观众比例。</p>
<p>Patterson 表示，亚马逊的流媒体服务具有 Netflix 所不具备的一些优势。首先，它与更广泛的亚马逊 Prime 订阅捆绑在一起，后者为客户提供从这家电商巨头订购商品的免费配送，因此消费者对电视服务的成本不那么敏感。</p>
<p>亚马逊目前还提供比 Netflix 更多的直播体育节目，并且拥有更成熟的广告技术堆栈，可以利用从零售客户那里收集的数据。</p>
<p>在最近的财报电话会议上，亚马逊表示，它将其流媒体服务视为新 Prime 会员注册的重要驱动因素，并且视频业务 “本身就很大且盈利。”</p>
<p>尽管如此，根据数据公司 Antenna 的统计，Netflix 在竞争对手中通常拥有最佳的客户留存率，这表明其成本并不是保持订阅者的主要障碍。Netflix 还积极寻求增加其直播体育节目，越来越多地尝试像世界棒球经典赛、NFL 的圣诞节比赛以及 2024 年迈克·泰森与杰克·保罗的拳击赛等重要活动。</p>
<p>Patterson 指出，这并不是投资者第一次对 Netflix 感到不安。其他情况通常与流媒体平台在其顶级系列之间的发布期重合。Netflix 表示，它计划在今年下半年推出更多的大片。</p>
<p>Patterson 表示：“当 Prime Video 内容强劲而 Netflix 处于主要系列之间时，亚马逊的空头论历史上最为响亮。随着 Netflix 的内容阵容再次增加，我们怀疑这种担忧会再次减弱。”</p>
<p>-Lukas I. Alpert</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>06-04-26 1311ET</p>

奈飞

亚马逊

AMZW

亚马逊每日 1 倍做空 ETF - Direxion

亚马逊每日 2 倍做多 ETF - Direxion

1 倍做空 NFLX ETF - Direxion

NFLW

AMZZ

2 倍做多 NFLX ETF - T-Rex

2 倍做多 Netflix ETF - Direxion

<p>自四月以来，奈飞的股价已下跌 24%，投资者对亚马逊 Prime Video 和 YouTube 的竞争压力表示担忧。尽管第一季度业绩超出预期，奈飞仍下调了全年指引，导致股价连续八天下跌。分析师指出，亚马逊的捆绑优势和体育节目提供对奈飞的定价能力和用户参与构成威胁，尽管奈飞保持着强劲的用户留存率，并计划增加重磅内容的投入</p>

<p>By Lukas I. Alpert</p>
<div class="lb-trans"><p>作者：Lukas I. Alpert</p>
</div><p>Netflix's stock has dropped 24% since its last earnings report, with investors worried that competitive pressures may be weighing on growth</p>
<div class="lb-trans"><p>自上次财报以来，Netflix 的股价已下跌 24%，投资者担心竞争压力可能会影响其增长。</p>
</div><p>Netflix's stock has fallen steadily since its last earnings call as investors have begun wondering if competitive pressure from rivals like Amazon could slow growth.</p>
<div class="lb-trans"><p>自上次财报电话会议以来，Netflix 的股价稳步下跌，投资者开始怀疑来自亚马逊等竞争对手的压力是否会减缓其增长。</p>
</div><p>Netflix has long sat at the top of the streaming world, but that hasn't stopped investors from worrying about how long it will stay there.</p>
<div class="lb-trans"><p>Netflix 长期以来一直处于流媒体行业的顶端，但这并没有阻止投资者担心它能在这个位置上待多久。</p>
</div><p>The streaming giant's stock (NFLX) has fallen 24% since the company's last earnings call in April, largely driven by concerns that competitive pressure may weigh on Netflix's growth potential over the long run.</p>
<div class="lb-trans"><p>自公司 4 月份的最后一次财报电话会议以来，这家流媒体巨头的股价（NFLX）已下跌 24%，主要是由于人们担心竞争压力可能会在长期内影响 Netflix 的增长潜力。</p>
</div><p>&#34;With Amazon leaning into Prime Video and YouTube also competing for more time spent, this is raising more questions on both Netflix engagement and long-term pricing power,&#34; Justin Patterson of KeyBanc Capital Markets wrote in a recent note to clients.</p>
<div class="lb-trans"><p>KeyBanc Capital Markets 的 Justin Patterson 在最近给客户的报告中写道：“随着亚马逊加大对 Prime Video 的投入，以及 YouTube 也在争夺更多的观看时间，这引发了对 Netflix 用户参与度和长期定价能力的更多疑问。”</p>
</div><p>The recent trouble for Netflix started when it declined to raise its full-year targets for revenue, revenue growth, operating margin and advertising revenue, despite reporting first-quarter figures that blew past expectations.</p>
<div class="lb-trans"><p>Netflix 最近的麻烦始于它拒绝提高全年收入、收入增长、营业利润率和广告收入的目标，尽管其第一季度的业绩超出了预期。</p>
</div><p>A Netflix spokesperson said that the full-year forecast the company stuck with - which calls for $50.7 billion to $51.7 billion in revenue, a full-year operating margin of 31.5%, revenue growth of 12% to 14% and advertising revenue of $3 billion - does not suggest that growth is slowing in any way.</p>
<div class="lb-trans"><p>Netflix 的一位发言人表示，公司坚持的全年预测——预计收入为 507 亿至 517 亿美元，全年营业利润率为 31.5%，收入增长为 12% 至 14%，广告收入为 30 亿美元——并不意味着增长在任何方面放缓。</p>
</div><p>But investors had clearly expected more. Netflix shares fell almost 10% in the session immediately following the earnings release and have been on a steady decline since. The stock closed down for the eighth session in a row on Wednesday, marking its longest losing streak since November 2022.</p>
<div class="lb-trans"><p>但投资者显然期待更多。在财报发布后的交易中，Netflix 的股价几乎下跌了 10%，并且自那时以来一直在稳步下滑。周三，该股连续第八个交易日收跌，创下自 2022 年 11 月以来最长的连跌纪录。</p>
</div><p>During the last earnings presentation, Netflix executives argued that abandoning their $82.7 billion bid for Warner Bros. Discovery (WBD) - which investors had viewed with dismay - and initiatives like expanding into live television events, leveraging AI and boosting revenue through increased pricing and advertising gave them wide latitude for growth .</p>
<div class="lb-trans"><p>在上一次财报发布会上，Netflix 高管辩称，放弃对华纳兄弟探索公司（WBD）827 亿美元的收购提议——这一提议令投资者感到失望——以及扩展直播电视活动、利用人工智能和通过提高价格和广告来增加收入等举措，给了他们广泛的增长空间。</p>
</div><p>But Wall Street hasn't been convinced. Patterson said subdued sentiment around Netflix has investors thinking about how rivals like Amazon Prime Video (AMZN) are affecting the overall streaming market and making it more competitive. Alphabet's (GOOG) (GOOGL) YouTube also has commanded the largest percentage of viewers among media companies for some time.</p>
<div class="lb-trans"><p>但华尔街并没有被说服。Patterson 表示，围绕 Netflix 的低迷情绪让投资者开始思考亚马逊 Prime Video（AMZN）等竞争对手如何影响整体流媒体市场，并使其变得更加竞争。谷歌的 YouTube（GOOG）（GOOGL）在媒体公司中也长期占据了最大的观众比例。</p>
</div><p>Patterson said Amazon's streaming service has some advantages that Netflix does not. For starters, it is bundled with the broader Amazon Prime subscription, which offers customers free shipping for items ordered from the e-commerce giant, so consumers are less conscious of the cost of the TV service.</p>
<div class="lb-trans"><p>Patterson 表示，亚马逊的流媒体服务具有 Netflix 所不具备的一些优势。首先，它与更广泛的亚马逊 Prime 订阅捆绑在一起，后者为客户提供从这家电商巨头订购商品的免费配送，因此消费者对电视服务的成本不那么敏感。</p>
</div><p>Amazon also currently offers more live sports programming than Netflix and has a more established advertising-technology stack, which can draw from the data it has collected from its retail customers.</p>
<div class="lb-trans"><p>亚马逊目前还提供比 Netflix 更多的直播体育节目，并且拥有更成熟的广告技术堆栈，可以利用从零售客户那里收集的数据。</p>
</div><p>In its most recent earnings call, Amazon said it viewed its streaming offering as an important driver of new Prime member sign-ups and that the video business was &#34;large and profitable in its own right.&#34;</p>
<div class="lb-trans"><p>在最近的财报电话会议上，亚马逊表示，它将其流媒体服务视为新 Prime 会员注册的重要驱动因素，并且视频业务 “本身就很大且盈利。”</p>
</div><p>Still, Netflix has routinely had the best customer-retention rates among its competitors, according to data firm Antenna, suggesting its cost is not a major barrier to keeping subscribers. Netflix is also actively seeking to increase its live sports offerings, increasingly experimenting with marquee events like the World Baseball Classic, the NFL's Christmas Day games and one-off boxing matches like the 2024 bout between Mike Tyson and Jake Paul.</p>
<div class="lb-trans"><p>尽管如此，根据数据公司 Antenna 的统计，Netflix 在竞争对手中通常拥有最佳的客户留存率，这表明其成本并不是保持订阅者的主要障碍。Netflix 还积极寻求增加其直播体育节目，越来越多地尝试像世界棒球经典赛、NFL 的圣诞节比赛以及 2024 年迈克·泰森与杰克·保罗的拳击赛等重要活动。</p>
</div><p>Patterson noted that this is not the first time investors have grown uneasy about Netflix. Other instances often coincided with periods in which the streamer was between releases of its top series. Netflix has said it plans to put out more blockbuster releases in the second half of this year.</p>
<div class="lb-trans"><p>Patterson 指出，这并不是投资者第一次对 Netflix 感到不安。其他情况通常与流媒体平台在其顶级系列之间的发布期重合。Netflix 表示，它计划在今年下半年推出更多的大片。</p>
</div><p>&#34;The Amazon bear case has historically been its loudest when Prime Video content has been strong and Netflix is between major series,&#34; Patterson said. &#34;As Netflix's content slate ramps up again, we suspect this concern moderates once again.&#34;</p>
<div class="lb-trans"><p>Patterson 表示：“当 Prime Video 内容强劲而 Netflix 处于主要系列之间时，亚马逊的空头论历史上最为响亮。随着 Netflix 的内容阵容再次增加，我们怀疑这种担忧会再次减弱。”</p>
</div><p>-Lukas I. Alpert</p>
<div class="lb-trans"><p>-Lukas I. Alpert</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>06-04-26 1311ET</p>
<div class="lb-trans"><p>06-04-26 1311ET</p>
</div>

Netflix investors are getting squeamish as Amazon makes inroads in the battle for streaming dominance

- Netflix 股价自上次财报以来下跌 24%。  
- 投资者担忧竞争压力影响 Netflix 增长潜力。  
- 尽管 Netflix 计划推出更多热门内容，市场情绪仍然低迷。

Dow Jones

Roundhill AMZN WeeklyPay ETF

Roundhill NFLX WeeklyPay ETF

GraniteShares 2x Long AMZN Daily ETF

谷歌-C

谷歌-A

Warner Bros. Discovery

随着亚马逊在争夺流媒体主导地位的战斗中取得进展，奈飞的投资者开始感到不安