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Surprising Netflix subscriber surge despite price hikes

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Netflix Surpasses Expectations with 9.33 Million New Subscribers in Q1 2024

Netflix stunned analysts and the industry alike with its first-quarter 2024 earnings report, revealing a remarkable surge of 9.33 million paid subscribers, soaring past the anticipated 3.93 million additions and bringing its total subscriber count to an impressive 269.60 million.

This surge follows a record-breaking fourth quarter of 2023, where Netflix added 13.1 million subscribers. Despite this remarkable growth streak, Netflix announced it would cease reporting quarterly subscriber totals from 2025 onward, signalling a significant shift in industry dynamics. Notable contributors to this growth included high-profile releases like the live-action adaptation of “Avatar: The Last Airbender” and “3 Body Problem” by the show-runners behind “Game of Thrones.”

Regionally, the U.S. and Canada saw a growth of 2.53 million paid subscribers, while Europe, the Middle East, and Africa added 2.92 million, Latin America saw an increase of 1.72 million, and the Asia-Pacific market experienced a rise of 2.16 million.

Alongside surpassing subscriber expectations, Netflix exceeded financial projections, reporting a 15% increase in revenue from Q1 2023, with diluted earnings per share of $5.28 on $9.37 billion in revenue.

Looking ahead, Netflix forecasts robust financial performance for Q2, with expectations of $9.49 billion in revenue and diluted EPS of $4.68, aiming for revenue growth of 13% to 15% for the full year 2024, reflecting a bullish outlook on its operational margin.

 

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U.S. ramps up Cuba aid as energy crisis deepens

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The United States has announced an additional $6 million in humanitarian aid for Cuba, bringing total assistance since Hurricane Melissa struck the island in October to $9 million. The new relief package will focus on Cuba’s eastern provinces, including Holguín, Granma, Santiago de Cuba, and Guantánamo, providing staples like rice, beans, pasta, canned tuna, and solar lamps. U.S. officials said embassy staff will monitor distribution to prevent the government from diverting supplies.

The announcement comes amid worsening energy and fuel shortages. Cuba has faced widespread blackouts, leaving millions without electricity in several provinces, while rising food prices and limited fuel supplies have intensified humanitarian pressures. Officials warn that without sufficient oil imports, hospitals, transport, and essential services could be severely affected. The crisis has escalated following U.S. restrictions on Cuba’s oil shipments and Venezuela’s inability to supply fuel, forcing Cuba to turn to Mexico as its primary energy partner.

Humanitarian situation

Cuba’s President Miguel Díaz‑Canel accused the U.S. of imposing an “energy blockade,” while Mexican officials work to deliver fuel without triggering U.S. tariffs. Díaz‑Canel expressed willingness to engage in dialogue but insisted talks must respect Cuba’s sovereignty. U.N. Secretary-General António Guterres has voiced serious concern, warning that the humanitarian situation could deteriorate further if oil supplies remain restricted.

As Cuba struggles to balance disaster recovery with an ongoing energy crisis, the international community faces a delicate challenge: providing humanitarian support while navigating complex geopolitical tensions.


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SpaceX expands Starlink with phone plans and satellite tracking ambitions

SpaceX expands Starlink with a mobile device and space tracking, raising concerns over revenue and US government reliance.

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SpaceX expands Starlink with a mobile device and space tracking, raising concerns over revenue and US government reliance.

SpaceX is pushing Starlink beyond internet from space, with plans underway for new consumer facing services that could reshape the telecom landscape.

The company is reportedly exploring a Starlink mobile device, positioning it as a potential rival to established smartphone players as it looks to extend its reach from orbit to everyday tech.

Starlink has become SpaceX’s financial powerhouse, generating an estimated $8 billion in revenue last year, with fresh trademark and patent filings signalling even more ambitious expansion ahead.


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Oil prices surge as U.S.-Iran tensions escalate

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Crude oil prices jumped over 3% on Wednesday as U.S.-Iran nuclear talks showed signs of faltering, pushing WTI futures above $65 per barrel. Axios reported disagreements over the venue and scope of Friday’s talks, while President Trump warned Iran’s supreme leader to “be very worried,” stoking fears of military escalation.

Tensions in the Persian Gulf added to the volatility. A U.S. F-35C shot down an Iranian drone near the USS Abraham Lincoln, and Iranian vessels threatened a U.S.-flagged tanker in the Strait of Hormuz. The USS McFaul escorted the tanker to safety, highlighting the region’s fragile oil supply routes.

Despite the clashes, nuclear talks will go ahead on Friday in Oman, but uncertainty continues to drive oil market volatility, with traders closely watching both diplomatic and military developments.

#OilPrices #IranUS #NuclearTalks #PersianGulf #WTI #EnergyMarket #Geopolitics #OilSupply


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