Netflix announces big earnings, beating expectationsPosted: Updated:
Earnings season is off to a solid start with banks the first to report. JPMorgan, Citigroup, Wells Fargo, Morgan Stanley and Goldman Sachs all reported quarterly numbers last week providing more evidence that the consumer is strong. JPMorgan and Bank of America were among the best performers and both credited its retail banking operations. Goldman's profits came in below estimates, with weakness in its lending and investment arms.
Aside from banks, Netflix was one of the big earnings releases of the week. Shares of the streaming giant skyrocketed after it beat expectations, even as it reported a slight miss on subscriber growth. Earlier this year, the company shocked Wall Street when it reported that it actually lost customers in the U.S. international growth remained solid, with 6.3 million new subscribers. Netflix addressed concerns about the coming wave of new streaming services, saying the competition may produce "modest" headwinds in the short-term.
In a speech at Georgetown University, Facebook CEO Mark Zuckerberg delivered comments on freedom of expression, arguing that it's not Facebook's job to police political ads. Facebook has been under pressure to crack down on the spread of misinformation ahead of next year's election, but Zuckerberg has defended its minimal regulation of speech as core to the company's mission. The speech comes as Facebook faces an exodus of partners on its Libra cryptocurrency project.
The UAW strike against General Motors will continue another week. Members are digesting the terms of a deal reached last week between the automaker and its biggest union. That deal still needs to be ratified, and the UAW says it will remain on the picket line until members all have a chance to vote. The vote is expected to begin this weekend with a ratification deadline of Oct. 25.
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- Here are the latest business and technology headlines courtesy of Cheddar:
- Health officials have confirmed the 42nd vaping-related death in the country.
- Ford plans to start taking preorders for its electric SUV dubbed the Mustang Mach-E.
- Facebook removed over 3 billion fake accounts from its service in the past six months.
- The tech giant is in talks with Richard Plepler, who worked at HBO for nearly three decades, including as its CEO. Apple TV+ is reportedly hoping a new executive will help the service make a turnaround.