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Netflix (NFLX) stock experienced a decrease of 2% on Thursday, following a 5% drop the previous day. This decline was due to comments made by CFO Spencer Neumann during Bank of America’s Media, Communications, and Entertainment Conference on Wednesday. Neumann’s remarks specifically regarding operating margins disappointed investors. He projected that operating margins, previously at 21%, would now be between 18% and 20%. While consensus estimates are slightly below 20%, investors were hoping for a more optimistic outlook.

To address concerns, Neumann explained that Netflix expects its operating margins to improve in the future. The company plans to rely on various revenue initiatives, including cracking down on password sharing and offering ad-supported content. However, Neumann cautioned investors that these initiatives, particularly the advertising business, will take time to mature. He emphasized that building an ad business “from scratch” is challenging and the company has a lot of work ahead.

Neumann highlighted two major priorities for Netflix’s ad business: scaling the reach and better monetization. Advertisers are seeking a scaled solution, making it the company’s top priority. Additionally, monetizing this reach is crucial. Though he did not disclose specific numbers, Neumann stated that the initial results of the company’s ad offerings have been promising, with a healthy number of new subscribers signing up. However, he did mention that those who spin off from previous accounts due to the password crackdown are more inclined toward premium tiers.

Despite the immediate concerns, Neumann remains bullish about Netflix’s long-term prospects. He revealed that the company met its ad expectations at its first Upfronts, demonstrating positive early progress.

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