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Netflix earnings: No more ‘Friends,’ but plenty of new enemies are on the way

It’s the calm before the competitive storm when streaming video giant Netflix Inc. is scheduled to report second-quarter financial results Wednesday after the market’s close.

For now, Netflix is the acknowledged market leader in streaming with more than 150 million members worldwide. Its stock NFLX, -1.65% is up about 40% this year at $373 per share, compared to a gain of about 19% for the broader S&P 500. And its blockbuster show, “Stranger Things,” just started its third season.

But it can’t get too comfortable. Netflix faces substantially steeper competition in the U.S. later this year from some of the biggest content brands.

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