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Netflix is sliding after receiving its first-ever Oscar nomination for best picture

Netflix is sliding after receiving its first-ever Oscar nomination for best picture
Netflix



Netflix received a best-picture Oscar nomination for the black-and-white drama "Roma." It was the streaming giant's first nomination for best picture.




Despite the announcement, shares of Netflix slid nearly 3%, underperforming the broader market.




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Netflix shares fell more than 3% Tuesday after the streaming platform received its first best-picture Oscar nomination for its black-and-white drama "Roma."
The film drew other nominations across categories. Roma's director, Alfonso Cuaron, earned a nomination for best director; Yalitza Aparicio was nominated for best actress, and Roma was nominated for best foreign language film.
Last week, shares fell after the company reported fourth-quarter results. Quarterly sales fell slightly short of analysts' expectations, though the streaming giant beat out estimates for both earnings and global paid-net-subscriber additions. Following the results, a handful of Wall Street firms, including Goldman Sachs and Morgan Stanley, raised their price targets on the name and reiterated their optimistic view of the company.
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