$NET 20260515 170.0 PUT$ Following the massive post-earnings slide in NET, I decided to capitalize on the elevated IV and the intraday low by selling Cash Secured Puts. Although the market reacted sharply to the news of a 20% workforce reduction and slightly soft guidance, the underlying revenue growth remains robust at 34% year-over-year. I view this as a strategic entry point to either capture high premium from the inevitable volatility crush or to begin building a position in a cloud leader at a much more attractive valuation.

This trade aligns with my usual approach of selling into extreme fear to maximize the credit received. By entering the position after such a significant technical breakdown, I'm leaning into the volatility to lower my effective cost basis while the market digests the restructuring news. I'll be monitoring the price action closely over the next few sessions to see if the $200 level holds as support or if I'll be preparing to take assignment and transition into the next phase of the strategy.