Forget about chilling, it’s all about expectations! That is one of the key takeaways from Netflix’s first-quarter earnings update and outlook late Thursday. The latest figures exceeded most expectations, and the global streaming giant stuck to its 2026 guidance — but many investors had hoped for more.

Blame the recent U.S. price hikes and the recently returned stock swagger after the streamer dropped out of the bidding war for Warner Bros. Discovery and received that $2.8 billion break-up fee.

Netflix shares dropped 9 percent in Thursday after-market trading and as of 7:15 a.m. ET on Friday were down 10.8 percent at $96.20.

Wall Street analysts have started sharing their takes on the results, the outlook and the…