Summary Conclusion: This quarter's results met expectations, with the core growth drivers being the strong performance of the APAC region and the expansion of the advertising business.

Key Data: Paid members exceeded 325 million; advertising revenue target maintained at $3 billion; APAC became the strongest FX-neutral revenue growth region.

Business Progress: The World Baseball Classic achieved Japan's highest-ever viewership and drove the largest single-day registrations; advertiser count increased by over 70% year-over-year, with programmatic advertising accounting for more than half; launched a children's gaming app, Playground, with smooth expansion in podcast and sports live content; GenAI tools accelerated deployment through the Interpositive acquisition, enhancing creative efficiency.

Guidance & Outlook: The full-year revenue growth guidance of 12%-14% and operating profit margin of 31.5% remain unchanged, with advertising revenue targets unadjusted.

Risk/Highlight Signals: Management expressed strong confidence, emphasizing that the core business holds only a 7% market share, leaving ample room for growth; founder Reed Hastings will step down from the board, but the transition is smooth and has not raised negative concerns.