Netflix shares fell 9% in after-hours trading after the streamer reported mixed second-quarter results, with revenue narrowly missing Wall Street expectations despite a small earnings beat. The reaction highlights investor concern over Netflix’s growth and engagement, particularly as it faces intense competition for viewers’ time from platforms such as YouTube and TikTok.

Revenue was $12.56 billion versus a $12.58 billion consensus forecast, while earnings were 80 cents per share, one cent above expectations; its shares have declined nearly 45% over the past year. Netflix reported 97 billion viewing hours in the first half of 2026, up 2% year-on-year, and said engagement depends on quality and variety as well as time watched; it forecast 12% third-quarter revenue growth, full-year revenue of $51bn-$51.4bn, and $3bn in advertising revenue.