Netflix Shares Drop 9% After $12.9 Billion Revenue Forecast Misses Estimates
Updated
Updated · Bloomberg · Jul 16
Netflix Shares Drop 9% After $12.9 Billion Revenue Forecast Misses Estimates
3 articles · Updated · Bloomberg · Jul 16
Summary
Netflix projected current-quarter revenue of $12.9 billion and earnings of 82 cents a share, both slightly below analysts’ expectations, sending the stock down 9% after hours.
The weak outlook points to a second straight quarter of slowing sales growth, deepening investor concern about the streaming company’s momentum.
Netflix is responding by expanding programming and AI tools across production, after disclosing that about 300 programs used generative AI this year.
That push comes as the company tries to revive confidence after the stock had already fallen more than 40% over the past year.