Netflix Stock Crashes Near $73 Ahead of July 16 Earnings on Gaming Push

Netflix shares have fallen sharply to around $73, down roughly 45% from all-time highs, as investors grow skeptical ahead of the July 16 earnings report. The slide accelerated after failed acquisitions, multiple analyst downgrades including Jefferies and Bank of America, and renewed doubts over the company’s July 9 gaming expansion. Despite the pressure, management raised 2026 free-cash-flow guidance to $12.5 billion and projects ad revenue doubling to $3 billion. The stock now trades near its 52-week low with Goldman Sachs cutting its price target to $110, leaving focus on whether ad-tier momentum and margin expansion can deliver a post-earnings rebound.