Netflix earnings were a 'murky mosaic.' Analysts say stock upside will be limited by growth concerns

Netflix earnings came as Wall Street’s support appeared to waver after the streaming company’s latest results did not ease concerns over slowing growth. For the second quarter, Netflix reported $12.56 billion in revenue versus $12.59 billion expected by analysts polled by LSEG, though revenue was still up 13% year over year. Earnings were 80 cents per share, slightly above the 79-cent consensus. Netflix narrowed its full-year revenue forecast to $51.0 billion–$51.4 billion and projected third-quarter revenue growth to rise 12%. Shares fell nearly 11% on Friday and were down 30% year to date. Analysts cited a “murky mosaic” quarter, with Peter Supino of Wolfe Research cutting his price target to $84 from $107. Other calls included Bank of America at $105, JPMorgan at $85, and Citi at $100.