Netflix Stock Plunges as Tax Issue Dampens Q3 Performance

Despite record revenue, Netflix shares plummeted over 8% on Wednesday after a disappointing third-quarter earnings report missed both revenue and profit expectations. While the streaming giant posted a whopping $11.51 billion in revenue, an unexpected $619 million tax charge related to a Brazilian dispute significantly impacted results. This resulted in Netflix’s stock closing at $1,122.62, down $118.73 or 9.56%, marking one of the company’s steepest single-day declines recently.