<p>作者：Lukas I. Alpert</p>
<p>自上次財報以來，Netflix 的股價已下跌 24%，投資者擔心競爭壓力可能會影響其增長。</p>
<p>自上次財報電話會議以來，Netflix 的股價穩步下跌，投資者開始懷疑來自亞馬遜等競爭對手的壓力是否會減緩其增長。</p>
<p>Netflix 長期以來一直處於流媒體行業的頂端，但這並沒有阻止投資者擔心它能在這個位置上待多久。</p>
<p>自公司 4 月份的最後一次財報電話會議以來，這家流媒體巨頭的股價（NFLX）已下跌 24%，主要是由於人們擔心競爭壓力可能會在長期內影響 Netflix 的增長潛力。</p>
<p>KeyBanc Capital Markets 的 Justin Patterson 在最近給客户的報告中寫道：“隨着亞馬遜加大對 Prime Video 的投入，以及 YouTube 也在爭奪更多的觀看時間，這引發了對 Netflix 用户參與度和長期定價能力的更多疑問。”</p>
<p>Netflix 最近的麻煩始於它拒絕提高全年收入、收入增長、營業利潤率和廣告收入的目標，儘管其第一季度的業績超出了預期。</p>
<p>Netflix 的一位發言人表示，公司堅持的全年預測——預計收入為 507 億至 517 億美元，全年營業利潤率為 31.5%，收入增長為 12% 至 14%，廣告收入為 30 億美元——並不意味着增長在任何方面放緩。</p>
<p>但投資者顯然期待更多。在財報發佈後的交易中，Netflix 的股價幾乎下跌了 10%，並且自那時以來一直在穩步下滑。週三，該股連續第八個交易日收跌，創下自 2022 年 11 月以來最長的連跌紀錄。</p>
<p>在上一次財報發佈會上，Netflix 高管辯稱，放棄對華納兄弟探索公司（WBD）827 億美元的收購提議——這一提議令投資者感到失望——以及擴展直播電視活動、利用人工智能和通過提高價格和廣告來增加收入等舉措，給了他們廣泛的增長空間。</p>
<p>但華爾街並沒有被説服。Patterson 表示，圍繞 Netflix 的低迷情緒讓投資者開始思考亞馬遜 Prime Video（AMZN）等競爭對手如何影響整體流媒體市場，並使其變得更加競爭。谷歌的 YouTube（GOOG）（GOOGL）在媒體公司中也長期佔據了最大的觀眾比例。</p>
<p>Patterson 表示，亞馬遜的流媒體服務具有 Netflix 所不具備的一些優勢。首先，它與更廣泛的亞馬遜 Prime 訂閲捆綁在一起，後者為客户提供從這家電商巨頭訂購商品的免費配送，因此消費者對電視服務的成本不那麼敏感。</p>
<p>亞馬遜目前還提供比 Netflix 更多的直播體育節目，並且擁有更成熟的廣告技術堆棧，可以利用從零售客户那裏收集的數據。</p>
<p>在最近的財報電話會議上，亞馬遜表示，它將其流媒體服務視為新 Prime 會員註冊的重要驅動因素，並且視頻業務 “本身就很大且盈利。”</p>
<p>儘管如此，根據數據公司 Antenna 的統計，Netflix 在競爭對手中通常擁有最佳的客户留存率，這表明其成本並不是保持訂閲者的主要障礙。Netflix 還積極尋求增加其直播體育節目，越來越多地嘗試像世界棒球經典賽、NFL 的聖誕節比賽以及 2024 年邁克·泰森與傑克·保羅的拳擊賽等重要活動。</p>
<p>Patterson 指出，這並不是投資者第一次對 Netflix 感到不安。其他情況通常與流媒體平台在其頂級系列之間的發佈期重合。Netflix 表示，它計劃在今年下半年推出更多的大片。</p>
<p>Patterson 表示：“當 Prime Video 內容強勁而 Netflix 處於主要系列之間時，亞馬遜的空頭論歷史上最為響亮。隨着 Netflix 的內容陣容再次增加，我們懷疑這種擔憂會再次減弱。”</p>
<p>-Lukas I. Alpert</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞社</p>
<p>06-04-26 1311ET</p>

奈飛

亞馬遜

AMZW

亞馬遜每日 1 倍做空 ETF - Direxion

亞馬遜每日 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>自四月以來，奈飛的股價已下跌 24%，投資者對亞馬遜 Prime Video 和 YouTube 的競爭壓力錶示擔憂。儘管第一季度業績超出預期，奈飛仍下調了全年指引，導致股價連續八天下跌。分析師指出，亞馬遜的捆綁優勢和體育節目提供對奈飛的定價能力和用户參與構成威脅，儘管奈飛保持着強勁的用户留存率，並計劃增加重磅內容的投入</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>自上次財報以來，Netflix 的股價已下跌 24%，投資者擔心競爭壓力可能會影響其增長。</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>自上次財報電話會議以來，Netflix 的股價穩步下跌，投資者開始懷疑來自亞馬遜等競爭對手的壓力是否會減緩其增長。</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 長期以來一直處於流媒體行業的頂端，但這並沒有阻止投資者擔心它能在這個位置上待多久。</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 月份的最後一次財報電話會議以來，這家流媒體巨頭的股價（NFLX）已下跌 24%，主要是由於人們擔心競爭壓力可能會在長期內影響 Netflix 的增長潛力。</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 在最近給客户的報告中寫道：“隨着亞馬遜加大對 Prime Video 的投入，以及 YouTube 也在爭奪更多的觀看時間，這引發了對 Netflix 用户參與度和長期定價能力的更多疑問。”</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 最近的麻煩始於它拒絕提高全年收入、收入增長、營業利潤率和廣告收入的目標，儘管其第一季度的業績超出了預期。</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 的一位發言人表示，公司堅持的全年預測——預計收入為 507 億至 517 億美元，全年營業利潤率為 31.5%，收入增長為 12% 至 14%，廣告收入為 30 億美元——並不意味着增長在任何方面放緩。</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>但投資者顯然期待更多。在財報發佈後的交易中，Netflix 的股價幾乎下跌了 10%，並且自那時以來一直在穩步下滑。週三，該股連續第八個交易日收跌，創下自 2022 年 11 月以來最長的連跌紀錄。</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>在上一次財報發佈會上，Netflix 高管辯稱，放棄對華納兄弟探索公司（WBD）827 億美元的收購提議——這一提議令投資者感到失望——以及擴展直播電視活動、利用人工智能和通過提高價格和廣告來增加收入等舉措，給了他們廣泛的增長空間。</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>但華爾街並沒有被説服。Patterson 表示，圍繞 Netflix 的低迷情緒讓投資者開始思考亞馬遜 Prime Video（AMZN）等競爭對手如何影響整體流媒體市場，並使其變得更加競爭。谷歌的 YouTube（GOOG）（GOOGL）在媒體公司中也長期佔據了最大的觀眾比例。</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，亞馬遜的流媒體服務具有 Netflix 所不具備的一些優勢。首先，它與更廣泛的亞馬遜 Prime 訂閲捆綁在一起，後者為客户提供從這家電商巨頭訂購商品的免費配送，因此消費者對電視服務的成本不那麼敏感。</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>亞馬遜目前還提供比 Netflix 更多的直播體育節目，並且擁有更成熟的廣告技術堆棧，可以利用從零售客户那裏收集的數據。</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>在最近的財報電話會議上，亞馬遜表示，它將其流媒體服務視為新 Prime 會員註冊的重要驅動因素，並且視頻業務 “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>儘管如此，根據數據公司 Antenna 的統計，Netflix 在競爭對手中通常擁有最佳的客户留存率，這表明其成本並不是保持訂閲者的主要障礙。Netflix 還積極尋求增加其直播體育節目，越來越多地嘗試像世界棒球經典賽、NFL 的聖誕節比賽以及 2024 年邁克·泰森與傑克·保羅的拳擊賽等重要活動。</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，這並不是投資者第一次對 Netflix 感到不安。其他情況通常與流媒體平台在其頂級系列之間的發佈期重合。Netflix 表示，它計劃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：“當 Prime Video 內容強勁而 Netflix 處於主要系列之間時，亞馬遜的空頭論歷史上最為響亮。隨着 Netflix 的內容陣容再次增加，我們懷疑這種擔憂會再次減弱。”</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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞社</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 股價自上次財報以來下跌 24%。  
- 投資者擔憂競爭壓力影響 Netflix 增長潛力。  
- 儘管 Netflix 計劃推出更多熱門內容，市場情緒仍然低迷。

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

隨着亞馬遜在爭奪流媒體主導地位的戰鬥中取得進展，奈飛的投資者開始感到不安