Netflix reports its second-quarter earnings after the bell on Thursday, and Wall Street will be paying close attention to any details or progress the streamer will provide about its advertising-supported business model.

The streaming giant launched its ad-supported tier in late 2022 and has slowly released details and metrics on how the business has been performing.

Here’s what Wall Street expects for Netflix’s second-quarter results:

• Earnings per share: $4.74 expected by LSEG
• Revenue: $9.53 billion expected by LSEG
• Total memberships: 274.4 million paid memberships, according to StreetAccount

Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming. Netflix’s stock has been uplifted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.

The company has also begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer.

Netflix had roughly 270 million global subscribers at the end of the first quarter, up 16% from the same period in year prior and surpassing expectations.

When Netflix made its pitch to advertisers during its Upfront presentation in May, the company said its ad-supported tier had amassed 40 million global monthly active users, nearly double the figure it had shared months earlier.

Last quarter Netflix warned investors it would stop providing quarterly membership numbers or average revenue per user beginning next year, noting the company is “focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction.”

This decision showcases Netflix’s “pivot from a high-growth, low-profit business to a slow-growth, high-profit business,” according to an analyst note from Wedbush last week. However, the note emphasizes that although Netflix has a big lead ahead of its competitors when it comes to the streaming business, that pivot “is far from complete.”

“As Netflix conditions investors and reporters to focus less on subscription additions, it will place more emphasis on time spent, where its only true rival in size is YouTube,” said eMarketer senior analyst Ross Benes. “More live event announcements will ensue as the company looks to improve its ad-supported time spent, amid an industry-wide reduction in scripted content production.”

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