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Netflix stock fell more than five per cent on Tuesday after its third-quarter results failed to reassure investors about slowing user engagement and slowing revenue growth.
Despite recording $12.87 billion in revenue and $3.7 billion in net income—both beating Wall Street expectations—the streaming platform continues to face intense pressure from competing streaming services, live sports, and social video platforms.
In a letter to shareholders, Netflix acknowledged rising investor anxieties regarding viewer engagement hours, though executive leadership expressed confidence in restoring momentum.
Co-CEO Ted Sarandos highlighted strong international subscriber and engagement gains across Asia, Europe, and Latin America while noting that execution in the United States requires improvement to match global expansion rates.
To address changing market conditions and rising costs, Netflix plans to cut approximately 1,000 jobs, representing six per cent of its global workforce.
The restructuring follows significant management shifts, including the replacement of chief content officer Bela Bajaria with former Disney executive Peter Rice, as the company expands into live sports broadcasts and new advertising formats to retain market share.
