Episode summary
Bloomberg Businessweek Daily Podcast: SpaceX, Netflix Report Earnings
Bloomberg Businessweek Daily
· · Hosts: Ed Ludlow · Guests: George Ferguson, Brody Ford, Prashant Gopal
Summary
Netflix and SpaceX anchored the episode’s earnings coverage, with the host and Bloomberg Tech’s Ed Ludlow saying Netflix’s fourth-quarter revenue guide of $13.4 billion came in below Wall Street’s $13.5 billion expectation and pointed to a fourth straight quarter of slowing sales growth. The discussion framed the weak print as less about subscriber counts and more about revenue quality, ad-supported weakness, and the market’s concern that recent layoffs and management changes have not yet produced a turnaround.
SpaceX, by contrast, was presented as a beat on both revenue and profitability, with third-quarter revenue of about $14.58 billion versus estimates of $12.87 billion and net income of $4.4 billion versus a much lower consensus. George Ferguson said the results suggested better-than-expected profitability in Starlink and the AI business, while the host and panel stressed that Starship remains the key catalyst for future ambitions such as orbital data centers and direct-to-cell service.
The episode also covered United Airlines’ earnings miss, driven by fuel costs, and a real estate segment on how high mortgage rates and scarce inventory are freezing much of the housing market even as wealthy buyers keep driving luxury and relocation demand in places like Tennessee.
Key takeaways
- Netflix’s fourth-quarter revenue guide of $13.4 billion fell short of Wall Street’s $13.5 billion expectation, reinforcing concerns about slowing sales growth.
- The host said Netflix’s recent layoffs and management reshuffling have not yet translated into better results or a clearer content strategy.
- SpaceX posted about $14.58 billion in third-quarter revenue and $4.4 billion in net income, both well ahead of estimates, helped by Starlink and AI revenue.
- George Ferguson said Starlink appears to have better economies of scale than expected, with profitability improving without a matching jump in costs.
- United Airlines missed estimates as fuel expenses rose, and George Ferguson said the carrier needs stronger revenue discipline if it is to offset higher costs.
- Prashant Gopal said housing remains “pretty dismal,” though luxury and cash buyers are still active in low-inventory markets.
Notable quotes
“sales growth is going to decline for a full straight quarter”
“net income $4.4 billion. Uh, the estimate was for 1.8”
“the demand is there. But yeah, it's pretty much the entire debate here is execution risk”
“these rates above 7% have, you know, really put a deep freeze on on home sales”
How the episode opens
This is Bloomberg Businessweek daily reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy, plus global business, finance and tech news as it happens. The Bloomberg Businessweek daily podcast with Carol Massar and Tim Stanback. Welcome and everyone.
I'm Alexis Christofferson, along with Norah Melinda on Bloomberg Businessweek daily. Carol and Tim, I have the day off Netflix out with earnings. Uh, just seconds ago, it says fourth quarter revenue of 13.4 billion.
That is less than 13.5 billion of Wall Street was expecting. Netflix's engagement is healthy despite a 2026 price hikes, and we have got the market reacting swiftly. Uh, shares of Netflix down about 7.5% here.
And I know Netflix isn't the only company out with earnings after the bell. Not at all. I mean, we have a lot of companies that we're keeping an eye on after the closing bell.
United coming out space X, uh, if you want to kind of dig into what's going on there, we're keeping an eye on space. It is higher in the post-market trade by about 1%. We did see third quarter revenue for space X coming in at about $14.58 billion.
That all against estimates for $12.87 billion. And you know, of course there's so much focus right now on CapEx, third quarter CapEx coming in at 19.59 billion. That's against estimates of 19.6 billion.
Okay. I want to dig into Netflix a little bit more now because again, the stock getting hit here in the after hours trade after its earnings hit the tape at Ludlow. Bloomberg Tech host.
Uh, joining us now. Uh at first blush doesn't look too good at what is catching your eye. Yeah, I mean, Netflix is telling us everything that was either in line with expectations on the top line, uh, or it's, uh, disappointing on the full year basis.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- earnings
- netflix revenue guidance
- spacex revenue beat
- aftermarket stock move
- aerospace defense outlook
Companies and tickers mentioned
- NFLX
- Netflix
- SpaceX
Watch the episode
Watch “Bloomberg Businessweek Daily Podcast: SpaceX, Netflix Report Earnings” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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