Shares of streaming giant Netflix Inc. fell as much as 10% in regular trading on Wednesday, October 22, in response to its quarterly results that missed street expectations. This was the biggest single-day fall for the stock since April 2022.

Revenue stood at $11.51 billion, in-line with Wall Street expectations compiled by Bloomberg, the first time in two years that Netflix did not beat estimates on the topline front.

Operating income for the quarter stood at $3.24 billion, which was $400 million below the company's own forecasts. Analysts at JPMorgan Chase & Co. said the results “did not include as much upside as recent quarters.” The operating income took a hit as the company had to pay $619 million to settle a multi-year tax dispute with Brazilian authorities, dating back to 2022.

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