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Nothin’ but Netflix
To:Brew Readers
CFO Brew // Morning Brew // Update
The streaming giant anticipates continued growth without Warner Bros.

Hey there. It’s been three years since Silicon Valley Bank collapsed on March 10, 2023. The 48-hour bank run was a lesson to CFOs that even a bank with 40 years of operating history can still fail.

In this issue:

Netflix, chill

To bet or not to bet

Sieve jobs

Demi Lawrence, Jesse Klein, Paige McGlauflin

STRATEGY

a photo of the Netflix office, a gray modern building with the company's name in red above it

Chris Delmas/Getty Images

In case anyone’s wondering, Netflix said that, actually, it is doing fine after cutting off its situationship with Warner Bros. Discovery.

Even though Netflix has almost certainly lost its battle for WBD to David Ellison’s Paramount Skydance, the streaming giant’s CFO remains confident that its business is not just healthy, but will grow revenue in the double digits this year.

[In the company’s Q4 earnings call], “we guided you [to] 12% to 14% revenue growth, operating margins increasing to 31.5%, a rough doubling of our ads business to about $3 billion in 2026, [and] about $11 billion of free cash flow,” Netflix CFO Spencer Neumann told attendees of the Morgan Stanley Technology, Media and Telecom Conference last Wednesday.

“But we said all along, this was an opportunity that was nice to have at the right price, not a must-have at any price.”

Keep reading.DL


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COMPLIANCE

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Tech Brew

Here’s a new prediction market bet for you: What will be the first trending bet on Nasdaq’s prediction market platform?

The future of event prediction markets took a step forward last week, with two major developments signaling that both Washington and Wall Street are eyeing entry into the new betting market phenomenon.

The US Commodity Futures Trading Commission submitted an advance notice of rulemaking to the Office of Management and Budget on Monday for regulating prediction markets. This is the first formal step toward establishing a regulatory framework for platforms like Kalshi and Polymarket that have soared in popularity since 2024.

The move comes a little over two months into CFTC chair Michael Selig’s tenure, suggesting the agency is making good on fighting for prediction markets against what he calls state government encroachment. In late 2025 and early 2026, Nevada and Massachusetts filed lawsuits against Polymarket and Kalshi. Nine other states have also issued cease-and-desist letters.

Keep reading.JK

TALENT MANAGEMENT

Now Hiring sign with piece of tape over "now" with "not" written on it.

Morning Brew Design

The job market is flip flopping like a fish.

Following an optimistic January jobs report, the labor market lost 92,000 jobs in February, according to the Bureau of Labor Statistics’ latest employment situation report. While experts cautioned that one month of job losses should not be taken as gospel about the state of the labor market, it follows a broader trend of uncertainty creating whiplash between job growth and losses in the US.

Diving into the data. Since May, the US labor market has flipped between adding and losing jobs each month. February lost 92,000 jobs, January added 126,000, December lost 17,000, and so on.

“It feels like we’re getting a whiplash from flip flopping back and forth between job gains and job losses,” Daniel Zhao, Glassdoor’s chief economist, told HR Brew. If employers were hoping for some relief from a chaotic 2025, they may be out of luck. “If we think back to 2025 the theme of the year was quite clearly uncertainty, and unfortunately, it doesn’t look like that’s changing so far into 2026.”

The unemployment rate edged up slightly to 4.4%, though the number of long-term unemployed individuals (which was 1.9 million, up from 1.5 million the year prior) made up more than one-quarter of all unemployed individuals in February. Additionally, the labor force participation rate fell to 62%, its lowest level since December 2021.

Keep reading on HR Brew.—PM

Together With RightRev

MARKET FORCES

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Francis Scialabba

Today’s top finance reads.

Stat: 2.8%. That’s how much more electricity the US generated in 2025 compared to 2024; it’s the highest amount since the US Energy Information Administration started tracking in 1949. (US Energy Information Administration)

Quote: “You’re going to have teams which are manager-heavy—where everybody is a manager, sometimes manager of humans, but always manager of agents.”—Arvind Vasudevan, a former McKinsey & Company engagement manager, on how AI is changing the org chart across companies (Business Insider)

Read: When it comes to shipping, consumers now prefer “free” to “fast.” (Wall Street Journal)

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JOBS

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