Today is Wednesday, April 19, 2023.
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Netflix Paid Password Sharing
Netflix (Nasdaq: NFLX) posted mixed financial results and announced other news, causing shares to tick down by 0.13% in after-hours trading on Tuesday.
Financials: Netflix reported earnings of $2.88 per share in the past quarter, which was better than expected. But revenue only hit $8.16 billion, which was below estimates.
Details: The company added 1.8 million paid net subscribers in the quarter, which was better than expected.
Powering the Story: Netflix will roll out its paid password-sharing plan, which is aimed to crack down on password sharing, in the U.S. during the second quarter. This was originally scheduled to occur at the end of the first quarter.
Also: After 25 years, Netflix is finally ending its DVD rental business.
Outlook: Netflix expects to hit earnings of $2.84 per share in the current quarter and revenue of $8.24 billion; both were below estimates.
Stock Price: Shares of Netflix are up 13% so far this year.
Final Thoughts: While there were some disappointments in the financial results, many investors are still supporting Netflix. The rollout of the paid password-sharing plan is key.
Notable Earnings Today: Tesla (Nasdaq: TSLA), ASML (Nasdaq: ASML), Morgan Stanley (NYSE: MS), International Business Machines (NYSE: IBM), U.S. Bancorp (NYSE: USB), Alcoa (NYSE: AA), Baker Hughes (Nasdaq: BKR), Lam Research (Nasdaq: LRCX), Abbott Labs (NYSE: ABT), Zions Bancorp (Nasdaq: ZION), Nasdaq (Nasdaq: NDAQ), Discover Financial Services (NYSE: DFS), Ally Financial (NYSE: ALLY), Steel Dynamics (Nasdaq: STLD), Elevance Health (NYSE: ELV), Liberty Energy (NYSE: LBRT), Citizens Financial Group (NYSE: CFG), F5 Networks (Nasdaq: FFIV), Synchrony Financial (NYSE: SYF), Kinder Morgan (NYSE: KMI), Cohen & Steers (NYSE: CNS), Crown Castle (NYSE: CCI), Equifax (NYSE: EFX), Las Vegas Sands (NYSE: LVS), New Oriental Education & Technology (NYSE: EDU), Rexford Industrial Realty (NYSE: REXR), SL Green Realty (NYSE: SLG), Travelers (NYSE: TRV).
Notable IPOs Today: U Power Limited Ordinary Shares (Nasdaq: UCAR).
Notable Equity Crowdfunding Campaigns Ending Today: Blendid (StartEngine), Tampa Deep Sea Xplorers (StartEngine).
Notable Economic Events Today: Crude Oil Inventories (10:30 a.m. ET), Beige Book (2:00 p.m. ET).
United Airlines Sees Strong International Demand
Photo by Arkin Si / Unsplash
Shares of United Airlines (Nasdaq: UAL) went up by 1.3% in after-hours trading on Tuesday thanks to solid financial results.
Financials: United Airlines reported a loss of 63 cents per share in the past quarter, which was better than expected. Revenue was $11.43 billion, which was in-line.
Details: The revenue per seat was good. More importantly, United Airlines says it is seeing strong international demand in the second quarter.
Final Thoughts: United Airlines is already up 15% this year and is aiming for more growth.
Intuitive Surgical's Strong Results
Intuitive Surgical (Nasdaq: ISRG) jumped by 7.69% in after-hours trading on Tuesday thanks to positive financial earnings.
Financials: Intuitive Surgical reported earnings of $1.23 per share in the past quarter and revenue of $1.69 billion; both were better than expected.
Final Thoughts: The company had a strong quarter, but Intuitive Surgical is only up about 1% this year.
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Trends to Watch
In the Fold: Google to launch its first foldable phone, the ‘Pixel Fold,’ in June (CNBC)
Zucked: Meta, Facebook parent company, to begin another round of layoffs Wednesday (The Washington Post)
Speculation: A Mysterious A16z Tweet Sparked a Rally in Crypto Project Optimism's OP Token (CoinDesk)
Drop: Interactive Brokers stock falls 5% after earnings miss (MarketWatch)
Pulling Away: Goldman Sachs Moves to Keep Shrinking Its Consumer-Lending Business (The Wall Street Journal)
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