Netflix Inc (NASDAQ:NFLX) is pushing back against a broader bear case that critics say points to weakening fundamentals. Management, however, argues the problem isn’t the business, but the metrics being used to judge it. On its fourth quarter earnings call, Netflix executives said surface-level data points like total viewing hours are being overemphasized, while the indicators that actually matter to long-term value creation are being ignored.
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Concerns have centered on flat or slowing total view hours, with some arguing the company’s rumored Warner Bros.–HBO acquisition signals a need to “fix” engagement.
On Netflix’s earnings call, Co-CEO Greg Peters dismissed that framing outright, calling it a misread of how the business actually …