's quarterly report sent the stock tumbling and raised concern about one of the best-performing spaces in the market during the pandemic.
Netflix reported second-quarter earnings that missed analyst expectations, pushing the stock down 10% in after-hours trading. The company's guidance for third-quarter subscriber growth — a key metric for the streaming giant — also contributed to the steep sell-off in the stock."This is a terrible number," Tim Seymour, founder of Seymour Asset Management, told CNBC's "," referring to Netflix's subscription growth guidance.
Wall Street was also coming off a broad decline as investors pored over a mixed batch of economic data. The Dow slid 135 points, or 0.5%, to snap a four-day winning streak. The S&P 500 and Nasdaq Composite dipped 0.3% and 0.7%, respectively.. Economists polled by Dow Jones expected a gain of 1.25 million.
Gregory Faranello, head of U.S. rates trading at AmeriVet Securities, said the market took the better-than-forecast retail sales data with "a grain of salt."
Keep pumping and make traps for other FANNG stocks. NFLX is the first one. We will see AAPL dumping as no more Chinese buying iPhone.
Same old second quarter story. Not worried.
Subscribers crushed projections, but light subscriber forecast 🤦🏻♂️
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