Netflix stock fell to $64.10 on Wednesday, its lowest level since August 2024. The streamer beat profit estimates, yet a weaker fourth-quarter outlook sent investors heading for the exit.

The slide leaves shares roughly 50% below their mid-2025 record of $134.12. Yet Netflix’s trailing 12-month revenue has never been higher.

Netflix Stock Beat on Profit, So Why Are Investors Selling?

Third-quarter earnings per share (EPS) came in at $0.87, above the $0.82 analysts expected, according to Reuters. Revenue grew 12% to $12.87 billion, matching forecasts.

However, guidance did the damage. Netflix projected fourth-quarter EPS of $0.67, short of the $0.73 consensus.

The company also lowered its 2026 advertising revenue target to about $2.7…