Good Evening! As investors dissected the most recent batch of economic data, Fedspeak, and the beginning of earnings season for corporate tech giants, U.S. stocks closed lower on Thursday.
The S&P 500 & the Dow Jones decreased by 0.76%, while the Nasdaq Composite fell by 0.96%.
THE NUMBERS ARE IN!
Netflix (NFLX) reported financial results for the fourth quarter that showed a miss on the bottom line while subscriber numbers exceeded expectations. Here are Netflix’s fourth-quarter results compared to the consensus Wall Street forecast, as compiled by Bloomberg:
- Revenue: $7.85 Billion vs. $7.85 Billion expected
- Earnings Per Share: $0.12 per share vs. $0.58 per share expected
- Subscribers Additions: 7.66 Million vs. 4.5 Million expected
What else? Reed Hastings relinquishing his co-CEO position attracted investor interest. Greg Peters, the current COO, will assume the role and serve alongside Ted Sarandos, the current co-CEO.
It is up in the air. Other questions include whether Netflix will slow its $17 billion content spending and whether the company will pursue additional mergers and acquisitions with WWE on the market.
GOING ONCE, GOING TWICE, SOLD!
The social network corporation Twitter began the year 2023 by auctioning off 631 items from its San Francisco headquarters, which was completed yesterday afternoon. Some fascinating facts:
- A bird statue sold for $100,000, which was the most costly item in the auction.
- This is the most popular auction that Heritage Global has ever staged, which previously hosted an Enron sale, with over 20,000 registered bidders.
Is there any reason? Well… let’s look at how the company is doing… Musk said in December that Twitter was projected to lose $3 billion net annually when he purchased the firm in October, while Platformer recently revealed that the company’s daily income had decreased by 40%.
What has Musk done to try and fix it? Musk’s strategy for conserving money includes dramatic steps, such as laying off almost 50% of employees and not paying rent, as well as lesser actions, such as this auction and concluding there is no such thing as a free (business) lunch.