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Netflix (NASDAQ: NFLX) shares fell about 4% in extended trading on Thursday after the streaming giant issued weaker-than-expected third-quarter guidance, raising fresh concerns about the pace of its revenue and earnings growth despite reporting mixed second-quarter results.
The company forecast third-quarter earnings per share of $0.82, below Wall Street expectations of $0.84. Netflix also projected revenue of $12.86 billion, falling short of analysts’ estimates of $13.0 billion. The cautious outlook weighed on investor sentiment and extended pressure on the stock, which has declined more than 40% over the past year.
Netflix also announced it will publish its viewing-hours report once a year beginning in January 2027 instead of twice annually, reinforcing its strategy of directing investors' attention toward key financial metrics such as revenue, operating profit, and cash flow. The company previously stopped reporting quarterly subscriber figures in 2025.
For the second quarter, Netflix posted earnings per share of $0.80, slightly above analysts’ expectations of $0.79. Revenue increased 13% year over year to $12.56 billion but narrowly missed the consensus estimate of $12.58 billion. The company attributed its revenue growth to recent subscription price increases and continued expansion of its advertising-supported tier.
Netflix also reported improving user engagement, with members watching more than 97 billion hours of content during the first half of 2026, marking modest gains compared with both the previous six months and the same period last year. Management reiterated that the company remains on track to achieve its financial goals for the year.
Competition remains intense as Netflix continues to battle traditional rivals such as Disney alongside digital platforms including YouTube and TikTok for audience attention and advertising revenue.
Eric Clark, portfolio manager of the LOGO ETF and chief investment officer at Accuvest Global Advisors, said the modest earnings miss should not overshadow Netflix’s long-term strengths. He noted that its expanding advertising business, improving margins, strong free cash flow, and ongoing share buyback program continue to support the company's investment case despite near-term market volatility.
