Netflix was off seven per cent in premarket on October 22nd as the streamer’s outlook for the coming quarter left investors underwhelmed. A victim of its own success, investors have become accustomed to routine outperformance of predictions, and the stock has bumped over 360 per cent in the past three years.

But since peaking this past June, shares have ebbed, a signal that investors are growing cautious about its lofty valuation and lack of details about subscriber growth, reports Reuters. The company’s forward price-to-earnings multiple stands at almost 40, significantly more than other media companies and major tech players.

Netflix predicted revenue of $11.96 billion (€10.32bn) for Q4, compared with Wall Street’s projection for $11.9 billion. Q3 revenue was roughly in line with forecasts, at $11.5 billion. Netflix has ventured into advertising and video games to diversify its revenue streams, but these businesses have struggled as competition for every dollar hots up.

For Q3, Netflix said it recorded its best ad sales quarter in history without disclosing a number. Netflix stopped reporting subscriber figures early in 2025. The company is banking on its major releases through year-end that include the final season of Stranger Things and two NFL games set to stream live on Christmas Day.

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Tags: netflix, NFL, Stranger Things