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.

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 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.

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.

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.

Older Netflix shows like Orange is the New Black and Ozark have racked up over 100 million hours so far in 2025, as its Q2 revenue passed $11 billion.

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 Q2 earnings test its ad push, live content bets, and 33% margin goal as the stock trades near record highs. Can it sustain its premium valuation?