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Story summary
- Netflix reported record earnings while its shares fell about 50% from recent highs.
- Revenue rose 12% year over year to $12.9 billion and operating margin reached 34.6%.
- Free cash flow of $2.88 billion was used to repurchase outstanding shares.
- CEO Ted Sarandos reportedly frustrated that lack of new hit shows stalled U.S. watch-hour growth.
- Third-party data show Netflix’s U.S. market share near 8% while YouTube approaches 15%.