Netflix shares fell nearly 9 percent in after-hours trading on July 17 after the streaming giant forecast third-quarter revenue and earnings below Wall Street expectations.
The company, led by CEOs Ted Sarandos and Greg Peters, said on July 16 it expected $12.86 billion in revenue from July through September and diluted earnings per share (EPS) of 82 cents.
Analysts had forecast $13 billion in revenue and diluted EPS of 84 cents, according to LSEG.
Netflix is working to grow by building advertising, live events, and video games.
“We expect to deliver another strong year with, as we saw, as you see in the guide, 13 percent to 14 percent top-line growth for the full year,” Netflix Chief Financial Officer Spencer Adam Neumann said….