Netflix‘s highly anticipated third-quarter earnings report is in, but what does it mean? In co-CEO Ted Sarandos’ telling, it’s all about execution. And how is Wall Street reacting to management commentary about the streaming giant’s outlook and largest layoffs in years, including the exit of film head Dan Lin and the replacement of chief content officer Bela Bajaria with Peter Rice?

Sarandos discussed content strategy, with co-CEO Greg Peters addressing a 2026 shortfall in advertising revenue. But the key quote from the call may have been Sarandos’ blunt note about staying the course.

“There is no need for a fundamental shift in the strategy,” he said. “We do need better execution in the U.S.”…