Netflix's (NASDAQ:NFLX) second-quarter earnings beat expectations on top and bottom lines, and the streaming giant raised full-year revenue expectations. Shares of the company were down nearly 5% by midday on Friday.

As it rolls out a big second half of 2025 on the programming front, Netflix said it was raising its revenue forecast for 2025. The updated guidance calls for revenue between $44.8 billion and $45.2 billion, up from the previous target of $43.5 billion to $44.5 billion.

Tom Rogers, Claigrid executive chairman and former NBC Cable president, joins 'Squawk Box' to discuss Netflix's quarterly earnings results, what's next for the streaming giant, state of the streaming wars,

Netflix exceeds Q2 expectations, but stock dips as FX gains, not operational outperformance, drive results. Read more for challenges ahead in 2H24 for NFLX stock.

Netflix ( NFLX -5.10%) stock dropped 4.5% in early trading as of 9:40 a.m. ET, despite beating on earnings last night. Heading into the report, analysts forecast Netflix would earn $7.06 per share on just over $11 billion in revenue. In fact, Netflix earned $7.19 per share on just under $11. 1 billion, thus beating on both top and bottom lines.

Netflix produced good Q/Q revenue growth and its FCF grew 14.2% Y/Y, but dipped on a Q/Q basis. NFLX stock could be a bargain, given its 20.4% FCF margin, and using a 1.65% FCF yield. Shorting OTM puts works as well.

The final season of Squid Game boosts Netflix’s Q2 earnings, but investors remain cautious as growth expectations taper.

What to expect from Netflix Q2 earnings and a Cover Story deep dive on Trump's war on truth are the features in today's 'Daily Variety' podcast.

In its second-quarter earnings report, the streaming giant disclosed operating income of $3.8 billion and a margin of 34.1 percent, up double digits from a year ago.