Netflix Stock Drops 11.8% After Earnings Report and Guidance
Netflix reported strong Q1 earnings and revenue, beating expectations, but its stock fell 11.8% following the release due to modest guidance for the next quarter and the departure of co-founder Reed Hastings from the board. The drop was partially attributed to the one-time merger termination fee from Paramount Skydance and the lack of updated profit targets.
Topics: Board Changes Earnings Surprise Management Guidance Mergers and Acquisitions Revenue Growth