earnings

earnings

Photo by Thibault Penin on Unsplash

Netflix’s second quarter went better than expected, which is to say that it was still pretty bad.

The streaming giant lost 970,000 subscribers from April through June, the company reported Tuesday, marking the first time that Netflix lost paying customers in two consecutive quarters. Most of the losses came in the U.S. and Canada, the company’s most lucrative region in terms of revenue per customer.

Yet earnings reports are often about beating Wall Street’s expectations (even if those estimates are really low) so Tuesday was, in a bizarre way, a good news day for Netflix. The nearly 1 million fewer members is less than half of what Netflix forecasted in April, when it predicted a decline in 2 million customers. Perhaps more importantly, Netflix is predicting a rebound soon: It plans to gain 1 million customers in the current quarter.

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Courtesy of Faraday Future

Electric vehicle hopeful Faraday Future has had no shortage of drama—from alleged securities law violations to boardroom shake-ups—on its long and circuitous path to actually producing a car. And though the Gardena-based company looked to have turned a corner by recently announcing plans to launch its first vehicle later this year, Faraday’s quarterly earnings report this week revealed that demand for that car has underwhelmed—to say the least.

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Snap added millions of new users last quarter — its largest increase in years — beating Wall Street expectations of growth and revenue.

Riding a wave of increased digital ad-spending and the pandemic's ongoing limitation of leisure activities, Snap added 16 million users and pulled in $911 million in revenue in the fourth quarter of 2020.

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