New Delhi, July 18 -- Netflix management is playing up how new generative-artificial intelligence tools are helping cut costs, but that isn't calming lingering concerns about user engagement and competition.

The media landscape is changing as technology evolves at a rapid pace, and Netflix doesn't want shareholders to think it's getting left behind. The streaming giant provided updates to Wall Street about its use of generative AI on its second-quarter earnings call after the market close Thursday.

Netflix might need to do more convincing, though. Shares fell 7.7% to $68.61 in afternoon trading Friday. The stock has now tumbled 27% this year, far underperforming the S&P 500's 9.3% gain.

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