Netflix did the thing where the headline print beats but the stock still gets hit. Q3 EPS came in around 0.87, up nearly 50 percent on the year, and revenue was fine. The problem was guidance. They trimmed the 2026 ad revenue outlook to roughly 2.7bn from around 3bn, and Q4 operating income guided a touch under what the street wanted. So the growth story is intact, the monetisation timeline just slipped. If you owned it for the ad ramp, you now wait two more quarters. That is a derating on timing, not on the business.