The Market data was collected on 20 October 2021 at 11:15, and might have changed since then. Kindly refer to the listed sources for the most recent and updated information.
Netflix reported third-quarter results that topped Wall Street estimates, and delivered a stronger outlook, buoyed by the success of its blockbuster series “Squid Game.”
Netflix Inc (NASDAQ:NFLX) rose 2% in afterhours trade.
Netflix announced earnings per share of $3.19 on revenue of $7.48 billion. Analysts polled by Investing.com anticipated EPS of $2.57 on revenue of $7.48 billion.
Netflix added 4.38 million users, above its forecast of 3.5 million net subscriber adds. Analysts had expected about 3.8 million net adds.
The jump in subscriber growth in its core entertainment streaming business was boosted by Netflix’s “Squid Game” series.
“Released on September 17, it [Squid Games] has become our biggest TV show ever. A mind-boggling 142m member households globally have chosen to watch the title in its first four weeks. The breadth of Squid Game’s popularity is truly amazing; this show has been ranked as our #1 program in 94 countries (including the US),” Netflix said in a statement.
Looking ahead, the company forecast fourth-quarter subscriber adds of 8.5 million, in line with analysts’ estimates of 8.5 million.
Netflix guided EPS of 80 cents on revenue of $7.71 billion, that latter above estimates for revenue of $7.68B.
Oil was down Wednesday morning in Asia, reversing its earlier upward trend. The Chinese government also indicated that it was searching for ways to curb coal prices that are at record highs, as well as to ensure coal mines operate at full capacity to alleviate a power shortage.
Brent oil futures fell 0.58% to $84.59 by 10:12 PM ET (2:12 AM GMT) and WTI futures were down 0.53% to $82.
Chinese coal prices and other commodity prices slumped as the Asian trading day opened, in turn dragging oil down from its earlier upward trend.
The black liquid hit multi-year highs earlier in the week as a global coal and gas shortage continues, incentivizing a switch to diesel and fuel oil for power generation.
“Ultimately, China’s coal output needs to increase to remedy its energy woes,” Commonwealth Bank commodities analyst Vivek Dhar said in a note.
China’s National Development and Reform Commission (NDRC) discussed government intervention in coal prices, the China Electricity Council said on Tuesday.
The NDRC also said in a separate statement that it would ensure coal mines operate at full capacity and aim to achieve at least 12 million tons per day of output, up more than 1.6 million tons from late September 2021.
The dollar consolidated at lower levels in early trade in Europe on Wednesday, after a sharp two-day drop driven by signs of weakening economic activity in the U.S.
By 3 AM ET (0700 GMT), the dollar index that measures the greenback against a handful of advanced economic currencies was at 93.765, effectively unchanged from late Tuesday but down over half a percent since the end of last week.
On Tuesday, fresh data had pointed to a further cooling-off in the U.S. housing market, with building permits and housing starts both falling. That came on top of industrial production data on Monday that showed U.S. factories increasingly struggling with supply chain issues.
As a result, investors have trimmed expectations of an interest rate hike by the Federal Reserve next year, having started to put some punchy bets on such a move in previous weeks.
The dollar has weakened in the last two days particularly against currencies where near-term interest rate hikes are more of a certainty. It lost another 0.1% against the New Zealand dollar to $1.3952, although it bounced by a modest 0.1% against sterling to trade at $1.3779.
Sterling failed to get any support from September inflation data released earlier, which showed a slowdown in monthly rates of both consumer and producer prices. The annual consumer price index came in a 3.1%, rather than the 3.2% expected.
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