The story: Netflix shares were down roughly 12% on Friday morning after the company's Q2 revenue forecast came in at about $12.57 billion, just under Wall Street's expectations of $12.64 billion. The stock slump came as chair and co-founder Reed Hastings announced he won't seek re-election to the board in June, ending his 29-year run at the company. Hastings turned over CEO duties to Ted Sarandos and Greg Peters in 2023, so his upcoming departure is largely symbolic, but added to the slightly lacking Q2 forecast, it made for a rough Friday for the stock.
What this means…
- For investors: The Q2 projections are only about 1% below expectations, and Netflix's Q1 results actually overperformed, with net income up 83% year-over-year. Several analysts called the sell-off an overreaction, since the business itself hasn't changed and the long-term forecast for the stock remains the same.
- For Canadians: Hastings' announcement doesn't directly affect Canada, but Netflix remains the country's most-subscribed streaming service, with about 9 million paid accounts. Canadian subscribers haven't seen a price hike since January 2025, but Americans dealt with another one last month, so we'll likely get one sooner rather than later.
Bottom line: A miss of less than 1% and a graceful exit after 29 years don't mean Netflix is in trouble. The price drop today says more about how high expectations had gotten than about where Netflix is actually headed.
-9.7% vs. -1.3%
That’s the year-over-year drop in prices for single-family detached homes in the GTA vs. across Canada.
What it actually means: Toronto saw a 77% increase in overall home prices between 2015 and 2025, so even a near -10% correction still leaves sellers well ahead of where they started, even when prices are expected to stay down for the remainder of 2026. Condo prices in Toronto also tumbled 6.5%, continuing their downward trend and investor exodus as the federal government's cuts to temporary foreign workers and international students, which removed a significant pool of renters and buyers from the city's market. While prices are still beyond the reach of most people, this is the most buyer-friendly market Toronto's seen in a long time. The national drop of just 1.3% shows that the rest of Canada likely won't be seeing the same discounts (sorry, Red Deer).
Canada’s three chances at Stanley Cup glory
What happened: The Stanley Cup playoffs officially begin tomorrow and Edmonton, Ottawa, and Montreal are all vying to bring the cup back to Canadian soil for the first time in 33 years.
Last time: When Montreal made the playoffs last year, restaurant spending rose by as much as 45% on game days. And during Game 2 of the 2025 Stanley Cup finals, Edmonton saw an incredible 92% spike – even for away games, spending across the city rose 78%.
Why it matters: The longer a Canadian team stays in, the bigger the economic ripple. But also, if the Sens, the Oilers, or the Habs go all the way, prepare for the respective city to go a bit bonkers – the riot that followed Montreal's 1993 win caused millions in damages, left 168 injured, and resulted in 115 arrests. Still, those Canadian cities are probably happy to take their chances.
