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Steve Cahall

Managing Director and Senior Equity Research Analyst at Wells Fargo & Company

Steve Cahall is a Managing Director and Senior Equity Research Analyst at Wells Fargo & Company, specializing in coverage of the industrial goods sector, with a notable focus on media and entertainment companies such as Paramount Global (PARA). He has covered approximately 68 stocks, achieving a success rate of 55.87% with an average return of 4.60% per transaction according to public performance metrics. Cahall began his analyst career over a decade ago and has maintained leadership roles at Wells Fargo, with his tenure at the firm extending back to at least 2012 based on documented ratings history. Holding relevant securities licenses and FINRA registration, he is recognized for his accurate stock recommendations and his strong reputation among Wall Street analysts.

Steve Cahall's questions to NETFLIX (NFLX) leadership

Steve Cahall's questions to NETFLIX (NFLX) leadership • Q2 2025

Question

Asked about the drivers of the increased revenue forecast, investments in live production capabilities, and the potential for partnering with YouTube creators to gain market share.

Answer

Netflix executives explained that the revenue forecast increase is due to both favorable FX and underlying business strength in membership and ad sales. They are scaling live production capabilities through a mix of in-house development and strategic partnerships. The company is open to working with top creators from all platforms, including YouTube, to capture a larger share of TV viewing time, citing successful examples like Miss Rachel.

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Steve Cahall's questions to NETFLIX (NFLX) leadership • Q2 2025

Question

Steve Cahall of Wells Fargo asked about the drivers of the constant currency revenue increase, investments in live event production capabilities, and the potential for bringing YouTube creators to Netflix.

Answer

CFO Spencer Neumann attributed the revenue strength to healthy member growth and ad sales momentum. On live events, Co-CEO Ted Sarandos explained their use of production partners while building in-house capabilities, which Co-CEO Greg Peters noted have significantly improved. Sarandos also confirmed interest in top creators from any platform, like YouTube, to broaden their content offering.

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Steve Cahall's questions to NETFLIX (NFLX) leadership • Q2 2025

Question

Steve Cahall from Wells Fargo asked about the opportunity for Netflix to exclusively feature notable YouTube creators and their content on the platform.

Answer

Co-CEO Ted Sarandos affirmed they want to work with the best creators, regardless of their platform of origin. He agreed that while not all YouTube content is a fit, creators like Ms. Rachel have been highly successful on Netflix. Co-CEO Greg Peters added that while they compete with free services for viewing time, Netflix has a different, strong profit model and aims to win the 'most profitable moments' of a viewer's time, noting the vast majority of TV viewing is still on other platforms.

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Steve Cahall's questions to NETFLIX (NFLX) leadership • Q2 2025

Question

Steve Cahall of Wells Fargo & Company asked about the opportunity to bring notable YouTube creators and their content exclusively to Netflix.

Answer

Co-CEO Ted Sarandos confirmed they want to work with the best creators from all platforms, including social media. He cited Miss Rachel as a successful example of a creator who works well on Netflix. Co-CEO Greg Peters added that while they compete with free services, they focus on winning the most profitable moments of viewing time.

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