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Gabay
Netflix guided a 33.2% operating margin for Q3, up from 28.2% a year earlier
Here's my problem with the easy bullish story: that improvement is already in management's forecast
Ads and slower content amortization aren't surprise catalysts just because they sound exciting
The real question for $NFLX is what pushes margins BEYOND guidance, not whether the business is growing #NetflixQ3AdsAndMargins
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