Netflix shares traded lower in Frankfurt during early dealings on Wednesday, despite the streaming giant reporting better-than-expected revenue and earnings for the fourth quarter. Investor sentiment remained cautious as Netflix continues to engage in an intense bidding battle for Warner Bros Discovery.
The company also informed shareholders that it plans to temporarily suspend share buybacks in order to conserve cash, which would be used to support a potential deal involving Warner Bros Discovery. By 07:14 GMT, Netflix shares in Frankfurt were down 7%.
The stock had already closed 0.8% lower in regular trading on Tuesday. Since launching its bid for Warner Bros Discovery in early December, Netflix shares have fallen by roughly 20%, reflecting growing investor concern over the financial impact of the proposed acquisition.
