Stock Markets
Netflix stock price soars 7% after strong report
Netflix stock price soared 7.12% to $338.27 on the post-market. The trading data on NASDAQ evidence this.
Investors began buying the securities after the release of the report for the fourth quarter of 2022. According to its results, the number of paid subscribers to the platforms reached 230.75 million people, which is 7.66 million more than in the third quarter. That was significantly better than analysts’ forecasts, which had expected to add 4.57 million new paid subscribers, CNBC said, citing data from streetaccount.
Netflix stock chart
The company’s revenues rose 1.9% from the fourth quarter 2021 level to $7.85 billion, which is in line with the estimates of analysts surveyed by Refinitiv.
Net income due to losses on euro-denominated bonds decreased 11 times compared to the same period of the previous year to $55 million. Earnings per share (EPS) were $0.12 compared to $1.33 a year earlier. EPS, according to Refinitiv, was expected to be $0.45.
Operating profit was $550 million compared to $632 million a year earlier. Operating margin was estimated at 7%, while in the fourth quarter of 2021 it was 8.2%. At the end of the year, operating margins are typically lower due to higher content costs.
In the first quarter of this year, Netflix expects to grow revenue by 3.9% to $8.17 billion and generate net income of $1.28 billion. Earnings per share are projected to be $2.82 and operating margin of 19.9%, according to the company. The platform also intends to step up its fight against account password transfers without payment this quarter.
Earlier, we reported that JPMorgan’s Q4 net income rose 6% and revenue rose 18%.
U.S. electric car manufacturer Tesla (NASDAQ:TSLA) is in talks with the leaders of the regional government of Valencia in Spain to build a car factory, newspaper Cinco Dias reported on Thursday, citing unidentified sources close to the discussions.
The company’s total investment in the factory could surpass 4.5 billion euros ($4.83 billion), the newspaper said.
Tesla did not immediately respond to a request for comment, while Spain’s central government declined to comment. Reuters could not immediately reach the Valencian regional government.
German car maker Volkswagen (ETR:VOWG_p) has already said it plans to invest as much as 3 billion euros in a battery factory in the town of Sagunto in the Valencia area.
Spain is Europe’s second-largest car producer, and is using European Union COVID pandemic recovery funds to attract carmakers to invest in the manufacture of both batteries and electric vehicles. The EU plans to phase out thermal cars.
Goldman Sachs Group (NYSE:GS) plans to establish a desk in Tokyo to start trading Japanese power derivatives, two people familiar with the matter told Reuters on Wednesday.
More foreign energy companies and banks are seeking access to the Japanese power market, which was launched in 2016 in the wake of the Fukushima nuclear disaster in 2011, spurring trade activity by generators, consumers, and distributors.
An interest in trading rose amid growing liquidity in Japan’s power futures markets as the volatility of electricity prices surged following Russia’s invasion of Ukraine. The power crisis heightened the need for hedging among power suppliers and buyers, according to the sources.
Goldman Sachs has hired some traders in Tokyo, the sources said, requesting anonymity as the matter is still confidential.
A spokesperson for Goldman Sachs declined to comment.
“We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” SEC Chair Gary Gensler said in a press release.Coinbase shares settled 12% lower on Tuesday, their second session of steep losses this week following a 9% tumble on Monday, after the SEC also sued world no. 1 crypto exchange Binance over similar charges.But Coinbase shares rose 2% in aftermarket trading, boosted by news of the Ark buy.Cathie Wood has repeatedly expressed confidence in Coinbase and the broader crypto industry, and has cited a $1 million long-term price target for Bitcoin on the belief that it is an effective inflation hedge.Coinbase holds the fifth-largest weightage in Ark’s flagship Innovation ETF, with the fund having consistently accumulated the stock since its listing in 2021. But Coinbase has seen a sharp decline in value from 2021 highs, hitting record lows earlier this year as interest in crypto markets rapidly dried up amid rising U.S. lending rates.The company has also struggled to remain profitable amid multiple failed ventures, regulatory hiccups, and mounting operational costs, especially as low crypto trading volumes hurt its transaction margins, which are a key source of revenue.Bitcoin prices showed little reaction to the SEC move against Coinbase, rising 4% on Wednesday. But the world’s largest cryptocurrency was nursing steep losses through May, as trading volumes sank.
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