Netflix earnings miss forecast as shares tumble after job cuts

Shares were down sharply

According to RTÉ, Netflix's third-quarter revenue climbed 11.8% to $12.9 billion (€11.5 billion), which was in line with Wall Street's forecasts to begin with.

That said, it was still the weakest pace of growth in almost three years.

In after-hours trading, Netflix shares then slid as much as 7%. The stock had already fallen more than 40% over the past year before Tuesday's results landed.

The Irish Times reported that the reaction came days after Netflix cut 6% of its workforce, roughly 1,000 jobs.

Meanwhile, the same shake-up also included the departing of two senior programming executives: content chief Bela Bajaria and film boss Dan Lin.

Streaming rivals circle as Netflix's growth slows

Netflix still counts more than 325 million subscribers, equivalent to almost a billion viewers, but rivals are chasing the same audience.

For the second season of Tom Hardy's crime drama, Paramount+ has drawn fresh attention.

On the other hand, an underseen crime thriller was recently brought back by Prime Video.

Netflix earnings call: bosses admit the streamer needs to lift its game

"I know that we could do better. Now we've seen an opportunity to take our slate to the next level", co-chief executive Ted Sarandos told investors.

Just as blunt was Greg Peters, co-chief executive, who said: "I know we can do better. That better is our upside."

As Netflix is pencilling in net income of $2.79 billion against a $3.07 billion analyst consensus, fourth-quarter guidance also landed below forecasts.