Netflix Shares Fall Most Since 2022 as Tax Hit Spooks Investors

Netflix Inc. shares fell the most since April 2022 after a tax dispute with Brazil cut into third-quarter earnings and raised growth concerns among investors used to positive surprises from the streaming leader.

Operating income was $3.24 billion in the period, according to a statement Tuesday, about $400 million below the company’s forecast and analysts’ estimates. For the first time in more than two years, revenue failed to beat Wall Street estimates, according to data compiled by Bloomberg.

The results may renew concerns about the sustainability of growth going into 2026, according to analysts at Bloomberg Intelligence, who also ...