Netflix’s stock slide deepens after deal disappointments

Netflix stock – Netflix shares are sliding again as investors react to missed bids for streaming deals, skepticism over growth, and the pressure to prove its advertising business can scale. The stock closed Tuesday down 4% and is off 27% over the last two months—amid concerns

The hit didn’t come all at once. It kept arriving in installments—one missed deal, one uncomfortable earnings datapoint, another reminder that the market wants proof, not promises.

On Tuesday, Netflix stock finished down 4%—and the slide has carried into a wider retreat. Over the last two months. the shares are off by 27%. following a brief rally that ran from late February to mid-April. The losses have been harder to ignore in the year’s bigger picture. too: Netflix is down 16% year to date. compared with a 10% gain for the S&P 500.

The pressure is playing out alongside a string of deal disappointments. This week, Netflix reportedly lost out to Fox in the bidding for streaming platform Roku. That follows Netflix’s earlier stumble—losing to David Ellison’s Paramount in its bid to buy Warner Bros. Discovery.

Investors aren’t just reacting to headlines. They’re watching the stock’s technical footing, and it hasn’t held up. Netflix shares are trading below the 50-day, 100-day, and 200-day moving averages, a signal that the market’s confidence hasn’t returned.

Netflix now has a moment where it can change the tone—but it comes with a deadline. When the company reports second quarter earnings on July 16 after the close of trading, it will be up against memories of the first-quarter disappointment, which has only added fuel to the selloff.

In April, investors were left frustrated when Netflix failed to raise its full-year 2026 revenue guidance range from $50.7 billion to $51.7 billion. The company’s full-year operating margin guidance of 31.5% also came in below the 32% analysts had modeled at the time. Some observers linked that gap to how the Warner Bros. deal is being framed, suggesting that any “breakup fee” gains could be masking higher content amortization costs.

There’s another layer of uncertainty now, and it’s not tied to a single quarter. Longtime chairman Reed Hastings announced he was officially stepping down, marking the end of an era just as Netflix faces increasing pressure to prove its advertising business can truly scale.

The question investors keep circling is simple: will Netflix’s growth narrative match the market’s expectations, or will the next round of guidance still feel too cautious?

In a note. Goldman Sachs analyst Eric Sheridan wrote that the firm sees Netflix’s recent earnings report as “supportive of the long-term thesis—compounded revenue growth. rising margins (while investing in content and platform initiatives) & the scope to return capital in an outsized way (relative to annualized free cash flow).” Sheridan also pointed to Netflix’s $25bn stock repurchase authorization as a positive signal after the earnings report.

Yet even with that longer-term argument, the debate isn’t disappearing. Sheridan said the short-term discussion is likely to stay focused on engagement trends and the “building blocks” that underpin Netflix’s Q2 revenue commentary—user growth and pricing among them.

That is the tension behind the charts, the guidance numbers, and the missed bids: the market wants momentum that shows up in results, not just strategy.

Netflix is still trying to prove it can steer through an environment where deals don’t always land. margins come under scrutiny. and leadership transitions raise the stakes. The stock. for now. reflects that uncertainty—falling as investors weigh what’s next. and waiting for July 16 to bring answers that match the pressure building behind the scenes.

Netflix stock NFLX Fox Roku bid Paramount Warner Bros. Discovery bid Reed Hastings stepping down Netflix earnings July 16 2026 revenue guidance operating margin guidance advertising business