Key facts
- Netflix issued a weak fourth-quarter profit forecast.
- Third-quarter revenue rose 11.8% to $12.87 billion.
- The company recently laid off 6% of its workforce.
Netflix shares declined after the company provided a weaker-than-expected profit forecast for the fourth quarter. This follows recent layoffs affecting 6% of its workforce and changes in top programming executives. The company's third-quarter revenue increased by 11.8% to $12.87 billion, aligning with Wall Street's projections. However, the anticipated net income for the fourth quarter fell short of analyst expectations.
