July 17, 2026 03:21 AM GMT Netflix Inc | North America Engagement Still Growing, Free-Tier A Possibility Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Engagement fears appear overblown (hrs grew +2% y/y in 1H) and while rev growth is decelerating slightly (+11% ex-FX in 3Q guide vs +12% ex-FX in 2Q), we still see sustainable double-digit topline growth and ...