Netflix shares drop 7% in Europe after Q4 results

Netflix ‍shares listed in Frankfurt fell ⁠in early trade on Wednesday despite beating expectations ‌for ‌fourth quarter revenue and earnings, ‌as the company remains locked in a fierce bidding war for Warner Bros Discovery.

Netflix ​also told investors it ‌would ‍pause share ‍buybacks to accumulate cash to ‌help fund the Warner deal. By 0714 GMT, shares were down 7%. The shares closed ‍down 0.8% in Tuesday's regular session. ‍Netflix stock ⁠has ⁠lost some 20% in value since the company launched its bid for Warner Brothers in early December.