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Today β€” July 17th 2018Your RSS feeds

Netflix disappoints investors with slower growth

By Robert Briel

Netflix added 5.2 million users worldwide in the second quarter, or over 1 million fewer than the streaming service had expected.

Investors punished Netflix hard and the company’s valuation went down sharply on Wall Street. With a drop of more than 14%, the video giant lost some $24.2 billion in market capitalisation.

Netflix writes in a letter to shareholders that it has overestimated growth. For this quarter, the group has revised its growth forecasts downwards to 5 million new users.

Turnover was $3.9 billion, profits rose to $384 million, compared with $66 million a year ago. Netflix had some 130 million paying users worldwide at the end of the quarter.

Netflix said it will be investing more in its own non-English-language productions in the near future. This is necessary because the company observes that HBO and Disney (as well as Amazon and Apple) are catching up. This year, the company investing about $7.5 to $8 billion in content.

“In addition to succeeding commercially, we are starting to lead artistically in some categories, with our creators earning enough Emmy nominations this year to collectively break? HBO’s amazing 17-year run?,” wrote Reed Hastings in his letter to investors.

The company expects growth to level off in the coming years, partly due to the emergence of large competitors in countries such as Germany and France.

Hastings: “We anticipate more competition from the combined AT&T/Warner Media, from the combined Fox/Disney or Fox/Comcast as well as from international players like Germany’s ProSieben and Salto in France. Our strategy is to simply keep improving, as we’ve been doing every year in the past.”

Netflix disappoints investors with slower growth

By Robert Briel

Netflix added 5.2 million users worldwide in the second quarter, or over 1 million fewer than the streaming service had expected.

Investors punished Netflix hard and the company’s valuation went down sharply on Wall Street. With a drop of more than 14%, the video giant lost some $24.2 billion in market capitalisation.

Netflix writes in a letter to shareholders that it has overestimated growth. For this quarter, the group has revised its growth forecasts downwards to 5 million new users.

Turnover was $3.9 billion, profits rose to $384 million, compared with $66 million a year ago. Netflix had some 130 million paying users worldwide at the end of the quarter.

Netflix said it will be investing more in its own non-English-language productions in the near future. This is necessary because the company observes that HBO and Disney (as well as Amazon and Apple) are catching up. This year, the company investing about $7.5 to $8 billion in content.

“In addition to succeeding commercially, we are starting to lead artistically in some categories, with our creators earning enough Emmy nominations this year to collectively break? HBO’s amazing 17-year run?,” wrote Reed Hastings in his letter to investors.

The company expects growth to level off in the coming years, partly due to the emergence of large competitors in countries such as Germany and France.

Hastings: “We anticipate more competition from the combined AT&T/Warner Media, from the combined Fox/Disney or Fox/Comcast as well as from international players like Germany’s ProSieben and Salto in France. Our strategy is to simply keep improving, as we’ve been doing every year in the past.”

Brexit campaign group Vote Leave referred to police for breaching spending rules

Britain's Electoral Commission said on Tuesday it had fined the officially designated pro-Brexit campaign group 61,000 pounds ($80,843) for breaching spending rules in the 2016 referendum and referred it to the police.

Asia stocks sag on oil's slide, dollar dips before Fed testimony

Asian stocks were mostly lower on Tuesday, with a sharp decline in crude oil prices weighing on energy shares, while the dollar dipped ahead of Federal Reserve Chairman Jerome Powell's first U.S. congressional testimony.

Trump’s submission to Putin stuns EU allies

By Georgi Gotev

The political class in the US, as well as many of Washington's European allies were astonished to watch Donald Trump playing into Vladimir Putin’s hands at the Helsinki summit on Monday (16 July).

Tesla shares fall after CEO Musk abuses British caver

Shares of Tesla Inc fell over 3.5 percent on Monday after Chief Executive Elon Musk directed abuse on Twitter at one of the British cavers involved in the rescue of 12 Thai children last week.

Asia stocks sag after oil slides, dollar steady before Fed speech

Asian stocks sagged on Tuesday, weighed by a sharp decline in crude oil prices as Libyan ports reopened, while the dollar steadied ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony.

Trump backs Putin on election meddling at summit, stirs fierce criticism

Standing side by side with Vladimir Putin, U.S. President Donald Trump refused on Monday to blame the Russian leader for meddling in the 2016 U.S. election, casting doubt on the findings of his own intelligence agencies and sparking a storm of criticism at home.

News Analysis: For Putin, the β€˜Summit He Has Dreamed of for 18 Years’

By ANDREW HIGGINS and STEVEN ERLANGER

President Vladimir V. Putin of Russia got what he wanted most from his meeting with President Trump: American affirmation of his status as a global power.

On Baseball: The Curious Case of Bryce Harper’s .214 Batting Average

By TYLER KEPNER

The Nationals slugger’s upcoming free agency has been talked about for years. But even after a home run derby win, questions about his approach to the shift persist.

On Tennis: What’s Next for Wimbledon? New Roof, and Maybe 5th-Set Tiebreakers

By CHRISTOPHER CLAREY

The 2018 tournament was memorable for its upsets and five-set marathons, in both positive and negative ways. Wimbledon’s chief executive discussed the event’s future.

Asia stocks sag after oil tumbles, dollar on defensive before Fed speech

Asian stocks sagged on Tuesday, weighed by a sharp decline in crude oil prices as Libyan ports reopened, while the dollar was on the defensive ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony.

FCC raises concerns about Sinclair-Tribune deal; shares skid

Federal Communications Commission Chairman Ajit Pai said on Monday he had "serious concerns" about Sinclair Broadcast Group Inc’s proposed $3.9 billion acquisition of Tribune Media Co , a surprise move which could potentially scuttle the deal and sent shares of both companies tumbling.

U.S. lawmakers slam Trump as 'weak' in Russia summit; some push new sanctions

Leading U.S. lawmakers, including numerous Republicans, criticized President Donald Trump on Monday for failing to confront Russian President Vladimir Putin over Moscow's meddling in the 2016 U.S. election as the two heads of nuclear powers stood side-by-side at a joint news conference.

Volcanic lava 'bomb' injures 23 people on tour boat in Hawaii

A blob of hot volcanic lava struck an ocean tour boat just off the Big Island of Hawaii on Monday, injuring nearly two dozen people in the worst casualty incident to date from the ongoing eruption of the Kilauea Volcano.

76ers Foiled in Their Pursuit of Houston’s Daryl Morey

By MARC STEIN

The Sixers had strong interest in hiring Morey to replace the ousted Bryan Colangelo, but Morey could not be lured away.

The Nationals, Phillies, Red Sox and Others Are Defying Expectations

By VICTOR MATHER

Philadelphia is up, and Washington is down — way down — from what oddsmakers predicted. But no team has overachieved quite like Boston.

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