Reported about 15 hours ago
Netflix faced a significant drop in its stock value, falling about 10% and becoming the biggest loser in the S&P 500, following disappointing third-quarter earnings that missed Wall Street expectations. The company's financial report was impacted by a one-time tax expense exceeding $600 million in Brazil, which CEO Spencer Neumann described as a unique cost of doing business. Despite a strong content lineup, investor expectations were high, and the mixed results led to a sell-off in shares.
Source: YAHOO