It has been a rollercoaster ride for Netflix (NFLX) investors this year. The stock was considered a bastion of safety and a defensive play amid the tariff war earlier in the year and was outperforming tech peers by a wide margin in the first four months. Then came the period of consolidation, and the stock traded flat for the next few months.
As economic and tariff worries receded, investors pivoted to other tech names, ditching Netflix. However, the worst was yet to come for the streaming giant, and it crashed following its Q3 2025 earnings. Netflix saw some traction following the stock split—the old rulebook of shares rising after the split announcement almost invariably holds—but soon came under selling pressure after the company announced that it would acquire Warner Bros. (WBD) following the separation of Discovery Global.
