Connect with us

Media

Netflix tumbles as investors abandon “at home” stocks

Published

on

Netflix finds itself in Wall Street’s hot seat as markets reassess the diminishing growth prospects of so-called “pandemic stocks.”

It was the darling of Wall Street, as millions switched from the office to home, and chucked Netflix on the TV for background noise between zooms.

But now the streaming video service lost some $US40bn in market capitalisation after releasing results Thursday night that projected growth of just 2.5m subscribers in the first quarter.

That’t the slowest rate of expansion in over ten years, and a big change from the 55 million extra subscribers who signed up over recent years.

Netflix shares finished 21.8 per cent lower, a similar level to that experienced Thursday by Peloton, which recovered some of its losses.

And Just Like That

Such sell-offs are a particularly brutal manifestation of a market dynamic that’s been going on for months in stay-at-home equities, whose investment thesis has worsened with the lessening risk of pandemic-caused lockdowns.

Just ask Peloton, which was hit by not just gyms reopening, but a major disaster for its brand played out on the new streamed show, And Just Like That.

In a memo to staff late Thursday, Peloton Chief Executive John Foley said, “rumors that we are halting all production of bikes and treads are false.” But Foley said the company was “resetting our production levels for sustainable growth.”

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

Media

Netflix axes over 100 jobs as streamer deals with performance crisis

Published

on

The World’s largest streaming service is taking refuge in new cost cutting measures

Netflix is sacking 150 employees across the company with most of the cuts happening in the United States.

“These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues,”

the company said in a statement.

It comes after the company recorded a large fall in subscribers, for the first time in a decade.   

The news sparked an investor sell-off, with the firm’s stock plunging 35% in one day.

The layoffs represent only 2 per cent of the company’s total staff.

Netflix also plans on introducing ads as a way of building revenue.

It also wants to tackle password sharing privileges to compensate for lower revenues.

Continue Reading

Business

Snapchat co-creator and supermodel pay student loans for graduating class

Published

on

Student loans still get the better of most of us, a pesky debt that hurts the hip pocket

But one graduating class got the ultimate graduation gift

Otis College of Art and Design in Downtown LA got their student loans paid by off by Snapchat co-creator Evan Spiegel and his wife and supermodel Miranda Kerr.

The president of the art college announced the gift as the single largest donation in the history of Otis College.

The previous largest gift to the school was for $10 million and the screams from the students show how much it means to them.

The president says student debt weights heavily on talented graduates and the couple’s donation will be life-changing for the Class of 2022.

Spiegel created the popular instant messaging app with two former Stanford University classmates.

The snapchat co-creator took summer classes at Otis during high school and wanted to give back to the arts college.

Spiegel and wife Miranda were given honorary degrees at the college.

Continue Reading

Media

Queen Elizabeth makes surprise appearance

Published

on

Royal enthusiasts were delighted to see Her Majesty Queen Elizabeth make yet another surprise appearance, despite suffering from ongoing mobility issues

Elizabeth attended the opening ceremony of a new London train line which has been named in her honour.

Elizabeth can be seen wearing a bright yellow coat and hat, attending the event alongside her youngest son Edward and Prime Minister Boris Johnson.

Unveiling a plaque at Paddington Station, it comes after the Queen missed the opening of parliament for the first time since 1963.

Buckingham Palace says she is continuing to suffer from “episodic mobility issues”.

In October, the royal spent a night in hospital for an unspecified illness.

The $24 billion rail project was originally due to be opened back in December 2018, but has been plagued by delays.

The Elizabeth line will connect areas of west of London, including Heathrow airport and Reading.

Johnson says it’s “wonderful” to see the queen open the train line, adding she was in “such fine form”.

Continue Reading

Trending on Ticker

Copyright © 2022 The Ticker Company PTY LTD