On July 17, Netflix fell 11.45% in regular trading, trading at $66.29/share, with turnover of $1.721 billion. The sell-off was triggered by weaker-than-expected Q3 guidance released after the previous session, compounded by a wave of analyst downgrades.

Netflix reported Q2 revenue of $12.56 billion, up 13% year-over-year but slightly below the consensus estimate of $12.58 billion. EPS of $0.80 marginally beat the $0.79 expectation. However, Q3 guidance called for revenue of $12.86 billion and EPS of $0.82, both missing analyst estimates of $13 billion and $0.84 respectively. The projected Q3 revenue growth of 11.7% would mark the lowest quarterly pace since late 2023.

Multiple investment banks collectively cut target prices: JPMorgan lowered to $85 from $118, Wells Fargo to $80 from $105, Morgan Stanley to $83 from $90, UBS to $115 from $130, and Rosenblatt to $75 from $95. The company also announced it would reduce the frequency of user engagement report disclosures starting next year, raising transparency concerns among investors.

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