On July 17, Netflix fell 3.16% in after-hours trading, trading at $75.43/share, with turnover of $154 million. The decline was triggered by the company's weaker-than-expected forward guidance despite a modest Q2 earnings beat.

Netflix reported Q2 earnings per share of $0.80, narrowly topping the analyst consensus estimate of $0.79, representing an 11.11% year-over-year increase from $0.72. However, revenue of $12.56 billion came in slightly below the $12.587 billion estimate. More critically, the company guided Q3 EPS to $0.82, falling short of the $0.84 analyst expectation, making the soft forward outlook the primary catalyst for after-hours selling pressure.

The results land amid broader concerns over Netflix's slowing growth trajectory. Revenue growth of approximately 13.6% year-over-year marks the slowest pace in over four quarters, as tailwinds from password-sharing crackdowns and price increases fade. Free cash flow reached $1.5 billion in Q2, and the company expects content amortization growth to moderate in the second half, targeting roughly 10% full-year growth. Multiple Wall Street firms had already lowered price targets ahead of earnings, with the stock having declined nearly 20% year-to-date and over 40% in the past twelve months amid persistent user engagement concerns.

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