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Why Netflix is being targeted by shareholders

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Netflix is facing criticism from shareholders, with the company hit by a lawsuit for allegedly misleading the market

The shareholders at the centre of the claim say the streaming giant has lied about its ability to keep adding subscribers over recent months.

Filed in a San Francisco federal court… the case is seeking damages for declines in the Netflix share price this year.

The case accuses California-based Netflix and its top executives of failing to admit that increasing competition was leading to a plunge in subscribers.

It follows announcements the company had missed its subscriber growth estimates… with shares dropping 20% in January… before plunging more than 35% on April 20.

Netflix lost 200,000 subscribers in its first quarter… falling well short of its forecast of adding 2.5 million new users.

The company says this is all due to a combination of factors… including inflation, competition from other streaming services and its suspension of service in Russia.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly ticker Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Big tech stocks tumble amid market uncertainty

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Big tech companies are struggling in the markets this quarter as interest rates rise to battle inflation

Russia’s invasion of Ukraine has devalued tech stocks causing further supply chain disruptions and sending the broad S&P 500 index down about 5 per cent.

Rising interest rates triggered more severe plummets with the S&P dropping another 16 per cent and the Nasdaq Composite index by 22 per cent.

Tesla’s stock took a huge hit sinking to nearly 38 per cent its largest decline since 2010.

Amazon saw similar results falling by 35 per cent the most in over 20 years.

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Google to pay millions to app developers

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App developers are accusing Google of tempting users into making in-app purchases.

The lawsuit relates to money that was made by app creators for Android smartphones.

The lawsuit was filed in a San Francisco court, where the 48,000 app developers are believed to have been affected.

“Following our win against Apple for similar conduct, we think this pair of settlements sends a strong message to big tech: the law is watching, and even the most powerful companies in the world are accountable when they stifle competition.”

Steve Berman, ATTORNEY FOR the Android developers.

Google says the settlement’s funds will support developers who have made less than USD $2 million in revenue between 2016 and 2021.

“A vast majority of U.S. developers who earned revenue through Google Play will be eligible to receive money from this fund, if they choose,” the company says.

Google says it will charge developers a 15 per cent commission on their first million in revenue.

The court is yet to approve the proposed settlement.

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Tesla deliveries expected to fall – here’s why

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Tesla deliveries are expected to drop significantly in the second quarter, as prolonged Covid lockdowns in China and supply chain issues take their toll

The company is also struggling to ramp up its new factories, with Tesla boss Elon Musk seemingly distracted by his very public pursuit of Twitter.

Tesla has been plagued by production glitches in China and slow output growth at new factories in both Texas and Berlin.

Experts predict deliveries will slump to just over 295,000 vehicles for the second quarter.

This would be down from the company’s record of 310,000 in the preceding quarter, marking Tesla’s first quarter-on-quarter decline since 2020.

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