Netflix (NFLX) saw a severe sell-off after-hours following its earnings report, plunging 7.26% to close at $68.95, with single-day trading volume surging to nearly 142 million shares, placing it among the top spots on the market’s most active list.

While its Q2 performance was broadly in line with Wall Street expectations, the outlook for the next quarter provided by management lacked any upside surprise, and growth in user engagement also slowed somewhat.

Against the backdrop of a large prior run-up, the absence of an upside catalyst directly triggered concentrated profit-taking and cashing out from institutional long positions.

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