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التكنولوجياتم الإعلان

Netflix cuts its ad forecast and the stock drops despite a strong quarter

Netflix earned more than expected last quarter but cut its ad revenue forecast to $2.7 billion, and the stock fell after the close.

الحدث: 20 أكتوبر 2026
المصدر الأساسي: 20 أكتوبر 2026
نُشر هنا: 21 أكتوبر 2026 في 12:58 ص UTC
اقرأ: 2 دقيقة

ماذا حدث

On 20 October Netflix reported third-quarter results. Revenue was $12.87 billion, up 11.8% from a year earlier. Earnings per share were 87 cents versus 59. But it cut its 2026 ad revenue forecast from about $3 billion to $2.7 billion. Shares fell in after-hours trading.

لماذا يهمك

Netflix is betting on ads as its next source of money. If ads grow slower, investors doubt how fast the whole company can grow. For you as a viewer: the ad tier is coming to 15 more countries.

ماذا تتحقق منه وتراقبه

Watch how the stock opens on Wednesday and whether viewing time picks up. The Q4 forecast is $13.4 billion in revenue and a 26% margin, lower because of layoff costs.

Netflix letter to shareholders (SEC)

The quarter. Revenue grew 11.8% to $12.87 billion, exactly what the company had promised. Operating margin, the share of revenue left after core costs, was 34.6% versus 28.2% a year earlier. Netflix says this was mostly about the timing of expenses. Net income was $3.66 billion. Variety notes revenue growth was the slowest in three years.

What disappointed. For Q4 Netflix expects $13.4 billion, up 11.5%. Variety says Wall Street expected $13.5 billion. For full-year 2026 the company expects $51.1 billion (+13%), 0.2% below the midpoint of its earlier range. Subscriptions are beating the plan, ads are not: about $2.7 billion instead of roughly $3 billion. The company blames a slower than expected rollout of some ad product features.

Layoffs. Deadline reports Netflix cut about 1,000 jobs. The shareholder letter says the cuts will take about 1.2 percentage points off the Q4 margin. The full-year margin is expected at 31.5% versus 29.5% in 2025.

What comes next. The company admits investors worry about viewing growth and says it wants to speed it up. The ad tier launches in 15 more countries in 2027, starting in March: nine countries in Europe, the Middle East and Africa, plus Colombia, Peru and New Zealand. How far the stock falls in regular trading is not yet known.

حقائق مؤكدة

  • Netflix Q3 revenue rose 11.8% to $12.87 billion; earnings per share were 87 cents versus 59 a year earlier.[1][2][3]
  • Operating margin was 34.6% versus 28.2% a year earlier.[1][3]
  • Q4 forecast: revenue of $13.4 billion (+11.5%) and a 26% operating margin.[1][3]
  • The 2026 ad revenue forecast was cut to about $2.7 billion from roughly $3 billion.[1][2]
  • The 2026 revenue forecast is $51.1 billion (+13%), 0.2% below the midpoint of the earlier range.[1]
  • The job cuts will take about 120 basis points off the Q4 margin.[1]
  • Netflix cut about 1,000 jobs, around 6% of its workforce.[2]
  • Netflix shares fell in after-hours trading on 20 October.[2]
  • The ad tier will launch in 15 more countries in 2027, with the first launches in March 2027.[1]

التبعات

  • مؤكدAds will bring Netflix less in 2026 than it promised earlier.
  • قراءتناSlower ad growth could push Netflix to raise subscription prices again.
  • قراءتناThe weak outlook may weigh on other streaming and media stocks.

لا يزال مجهولًا

  • How far the stock falls in regular trading.
  • When the delayed ad features go live.
  • Whether viewing time growth speeds up.

من يتأثر

USA, World. Anyone holding Netflix or tech funds, and Netflix subscribers

المصادر

  1. Netflix (SEC Form 8-K, Exhibit 99.1): Netflix Q3 2026 Letter to Shareholders 20 أكتوبر 2026 · رسمي
  2. Deadline: Netflix Stock Falls Despite Solid Q3 Results On Lowered Advertising Guidance, Disappointing Revenue Outlook 20 أكتوبر 2026 · إعلام
  3. Variety: Netflix Q3 Revenue Meets Wall Street Estimates, Forecasts Q4 Slowdown and Says It Will Miss Ad Sales Target for the Year 20 أكتوبر 2026 · إعلام
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الغلاف: رسم Freekonomist، صورة رمزية، لا صورة للحدث. هذا شرح إخباري، لا نصيحة مالية.

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