Netflix Stock Dips on Disappointing Sales and Stagnant Advertising
Netflix's stock tumbled 8.4% after the company reported disappointing sales for the second quarter, despite surpassing expectations for new subscribers. Netflix earned $3.29 per share on sales of $8.19 billion, falling short of analysts' predictions. The company added 5.89 million subscribers, beating estimates, but saw a 1% decline in average revenue per membership. Netflix's stock was downgraded by some analysts, while others remained optimistic about its subscriber growth and profitability.