Netflix Q2 Guidance Miss Overshadows Q1 Revenue Beat, All-Time-High Engagement

Netflix posted a Q1 2026 revenue beat and record engagement on April 16, but its Q2 forecast fell short of analysts' expectations, sending shares tumbling in extended trading (Bloomberg). Netflix planned a 10% content spend increase in 2026, on roughly $18 billion spent the prior year. The guidance miss raises the question of whether content costs are outpacing revenue growth.