Netflix stock closed the week at its highest level since last April, rising more than 8% Friday to end at $342.50 after the company reported strong subscriber growth and executed a smooth handoff atop its executive ranks. A darling of investors for most of its two-plus decades of public trading, Netflix stock appears to have its mojo back and has already risen 15% since 2023 began. The catalyst for today’s upswing, which came amid nearly triple the stock’s normal trading volume, was Thursday’s fourth-quarter earnings report. The company said it added almost 7.7 million global subscribers in the period, reaching 230.75 million, far exceeding analysts’ consensus forecast. Beyond the subscriber tally, the results were more mixed, with revenue inching up just 2% and earnings per share missing estimates by a large margin. Still, not only is the company growing again, but it pulled an anti-Disney, announcing in the earnings release that co-founder Reed Hastings has handed off his … [Read more...] about Netflix Stock Surges To 9-Month High As Wall Street Cheers Q4 Subscriber Gains, Smoothly Executed Succession Plan
Stocks crashing today
Netflix has a new co-CEO. Netflix on Thursday announced that Greg Peters , who was previously COO and head of product, has been promoted to the role, sharing it with Ted Sarandos. It comes as company co-founder Reed Hastings steps down to become Executive Chairman. Separately, Bela Bajaria , formerly Head of Global TV, has become Chief Content Officer. Scott Stuber has become Chairman of Netflix Film. Hastings said the moves are the last in the company’s “succession planning.” His also said new role of Executive Chairman is one “founders often take,” referencing Jeff Bezos and Bill Gates, after they “pass the CEO baton to others.” Hastings co-founded Netflix as a DVD-by-mail company in 1997 and made Sarandos, whom he hired in 2000, Co-CEO in 2020. The company’s quarterly shareholder letter, noting the close working relationship among Peters, Sarandos and Hastings for the past 15 years, said the move “makes formal externally how we have been operating internally.” … [Read more...] about Reed Hastings Shifts To Executive Chairman Role At Netflix; Greg Peters New Co-CEO, Bela Bajaria & Scott Stuber Get New Titles
Getty Pro soccer player Anton Walkes -- defender and midfielder for Charlotte FC -- tragically died after a boat accident in Florida, the team announced. He was only 25 years old. The Major League Soccer club said Thursday the organization is devastated by the news. Gallery Launch Gallery Getty According to Florida Fish and Wildlife Conservation Commission, Walkes was found unconscious and received CPR from Miami Fire Rescue after a two-boat crash near the Miami Marine Stadium on Wednesday afternoon. Walkes, who was operating one of the vessels, was taken to a nearby hospital where he later died from his injuries. The crash is under investigation. "He was a tremendous son, father, partner and teammate whose joyous approach to life touched everyone he met," Charlotte FC owner David Tepper said. "Anton made those around him better people in all areas of life and represented Charlotte FC to the highest standard both on and off the … [Read more...] about MLS Player Anton Walkes Dead At 25 After Boat Accident In Florida
Microsoft said today it plans to lay off 10,000 employees to “align our cost structure with our revenue and where we see customer demand.” “We are making changes that will result in the reduction of our overall workforce by 10,000 jobs through the end of FY23 Q3. This represents less than 5 percent of our total employees,” said CEO Satya Nadella in a memo to employees posted on the company blog. Microsoft has a June fiscal year, so its third quarter ends in March. The software giant is also taking a $1.2 billion charge. It’s the latest in a wave of layoffs from — Alphabet to Amazon to Facebook — to hit the tech sector last year, with over 150,000 estimated in 2022. That’s due in part to a boom in hiring during the pandemic as demand for digital commerce and services hit a peak, combined with a current economic slowdown including slower demand from PCs to cloud services, and fear of a recession this year. “We are seeing the clock strike midnight for the tech sector … [Read more...] about Microsoft Laying Off 10,000 As Tech Cuts Continue
Netflix , after pulling itself out of a grueling series of setbacks in the first part of 2022, will face another test Thursday afternoon when it reports fourth quarter financial results. In addition to kicking off quarterly earnings season for media and entertainment companies, the report will usher in a year of increased scrutiny for the streaming business. Having moved mountains (and billions of dollars) to try to compete with Netflix after years of letting it run away with the streaming game, media companies are still very early in their direct-to-consumer orientation process. “Rather than being the new sliced bread, investors and executives have accepted that streaming is, in fact, not a good business – at least not compared to what came before,” MoffettNathanson analyst Robert Fishman wrote in a note to clients this week. “But that pre-streaming era is now long gone and not coming back. If streaming is a mediocre business, so what? We are in a streaming age now.” … [Read more...] about Netflix Q4 Report To Kick Off Year Of Streaming Scrutiny As Hollywood And Wall Street Try To See If The Math Can Work
With the lively, fun and star-packed Critics Choice Awards on Sunday night at the Fairmont Century Plaza ballroom (and accompanying viewing party upstairs that elegantly handled the 300 members and guests who lost the organization’s ticket lottery and couldn’t get a seat) now history, there is really nothing between it and the January 24 announcement of Oscar nominations. With the nationally televised show airing 48 hours before Oscar balloting closes (Tuesday at 5 p.m. PT) though, its influence could be strong, especially for moving speeches from the likes of Brendan Fraser ; an impressive sweep of top categories Best Picture, Director, Original Screenplay, Supporting Actor (Ke Huy Quan becoming the runaway train of acting winners thus far this season) for Everything Everywhere All At Once ; and among other memorable moments, the great Guillermo del Toro looking to continue sweeping up every animated trophy in sight. But as a group of critics spread across the … [Read more...] about Critics Choice Awards Go Big For ‘Everything Everywhere All At Once’, But What Does It Mean For Oscar?