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Netflix (NFLX) Stock Plunges 10% After Q2 Guidance Shock Misses Wall Street Estimates
Netflix (NFLX) Stock Plunges 10% After Q2 Guidance Shock Misses Wall Street Estimates
Netflix (NFLX) issued a stark warning for its second quarter, sending shares into a 10% tailspin after its revenue and earnings guidance fell short of Wall Street's expectations. The streaming giant forecast Q2 revenue of $12.57 billion, below the anticipated $12.64 billion, with earnings per share guidance of $0.78 missing the $0.84 estimate. A sharply lower operating income outlook of $4.11 billion, compared to the expected $4.34 billion, and a slowdown in stock buybacks to $1.3 billion from a $2.3 billion quarterly average further fueled investor panic, despite reassurances from Co-CEO Greg Peters on the earnings call.