Netflix shares slide 5% despite Q3 earnings beat

Clay Webster FXStreet

Netflix (NFLX) stock sank 5% afterhours after the streaming company post a decent earnings beat. Netflix posted GAAP earnings per share (EPS) of $0.87 or 5 cents above the Wall Street consensus. Revenue of $12.87 billion was in-line with consensus and rose 12% YoY.

But shares fell about 5% from their close at $68.70 to the ~$65 range. That puts the share price near the post-earnings sell-off from the previous quarter on July 17.

Operating margin came in above forecast in the third quarter at 34.6%, up from 28.2% in Q3 2025. Management said it was primarily due to the timing of expenses.

"In Q3, revenue growth was driven primarily by subscription revenue, reflecting increases in memberships and pricing, growth in advertising revenue and a favorable impact from F/X rates," the company said in a statement. "Membership growth benefited from continued, healthy retention in every region; globally and in the US, churn improved [YoY] and was better than forecast."

In Q4, Netflix management expects revenue of $13.4 billion, up 12% YoY. But they also project Q4 operating margin to slide over eight percentage points to 26% due to costs associated with its recent layoffs of close to 1,000 employees.

Author

Clay Webster

FXStreet

Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.

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