Netflix shares are down 25% this year and have declined steadily since mid-April, mainly on concerns about waning viewership amid competition from YouTube and sports moving to Amazon Prime. KeyBanc analyst Justin Patterson wants management to outline four actions on the Oct. 20 earnings call: content investment, with live events at about 5% of content spend; product changes such as the new home screen and AI recommendation models; operating expense cuts, including a reported workforce reduction of roughly 5% (800-850 employees) after headcount grew from about 8,600 in 2019 to about 16,000 in 2025; and exploring a dividend to broaden the shareholder base. Patterson argues a dividend would not change the growth story but could improve investor sentiment and support the P/E multiple.
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