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Story summary
- Netflix replaces content chief Bela Bajaria with Peter Rice as part of a 6% workforce reduction.
- Third-quarter revenue reached $12.9 billion, a 12% year-over-year increase but the slowest growth in three years.
- Net income rose 44% to $3.66 billion.
- The stock fell nearly 6% in after-hours trading following the earnings release.
- Netflix cut its 2026 ad-revenue outlook to $2.7 billion, down from about $3 billion.