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.

Netflix reported total Q2 revenues of $11.08 billion, with an operating income of $3.8 billion and margin of 34.1%, beyond last year and market estimates.

Netflix reported its second-quarter 2025 earnings Thursday and, as per its new custom, the results came sans subscriber data.

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.

Netflix posted an earnings beat Thursday, as revenue grew 16% during the second quarter of 2025. The company updated its full-year revenue forecast, noting that it expects revenue