Netflix shares fell over 8% in extended trading after the company's third-quarter revenue guidance of $12.86 billion came in below Wall Street's $13 billion expectation. Second-quarter revenue grew 13.4% year over year to $12.56 billion, slightly missing Bloomberg consensus estimates of $12.58 billion, while earnings per share of $0.80 beat the $0.79 forecast. Co-CEO Greg Peters addressed engagement trends by noting that not all view hours are equal, citing live events as a driver of revenue and viewer acquisition despite yielding fewer raw hours. The company also announced it will shift detailed viewership disclosures to an annual schedule beginning in 2027 to keep focus on primary financial metrics.
Netflix IncQ3 revenue guidance of $12.86B missed $13B estimate, causing shares to drop over 8%.
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