Netflix is set to report second-quarter results after the closing bell on Wednesday, with investors focused on subscriber growth, content spending and forward guidance after a difficult year for the shares.

Analysts expect adjusted earnings of about 79 cents a share, up from a year earlier, as the company's advertising tier and its crackdown on password sharing continue to lift revenue. The print is the first major technology earnings of the season and a gauge of consumer appetite for streaming.

The stock has fallen roughly 20% this year, leaving management with much to prove on membership growth and profit margins. Investors will scrutinize whether live events and a broader content slate can reaccelerate sign-ups in a crowded market.

Advertising has become central to Netflix's story. The company has bet that a cheaper, ad-supported plan will convert price-sensitive viewers and open a high-margin revenue line, though building the business takes time and competes with established platforms.

Content costs remain a pressure point. With rivals spending heavily on sports and original programming, Netflix must show it can manage production budgets while keeping subscribers engaged — a balance that has eluded peers at times.

Guidance for the second half will likely move the stock more than the quarter just reported. With earnings season underway and expectations for broad profit growth elevated, Netflix's report sets an early tone for Big Tech.

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