Business – AIR TV GUIDE

Nasdaq-100 futures rise after Netflix posts subscriber jump: Live updates

January 24, 20240

Futures tied to the technology-heavy Nasdaq-100 climbed Wednesday after Netflix reported its subscriber count reached a new record in the fourth quarter. Nasdaq 100 futuresrose 0.9%, while S&P 500 futuresgained 0.5%. Dow Jones Industrial Average futuresadvanced 141 points, or 0.4%. Netflixshares surged more than 10% in premarket trading. The leg up came after the streamer said it added more than 13 million subscribers in the fourth quarter, bringing its total subscriber count to an all-time high of 260.8 million. Revenue topped analysts’ estimates, as did current-quarter earnings guidance. Netflix’s subscriber increase “indicates the ongoing strength in the scaling of the ad-tier business, particularly scaling up at the end of last year, and also the momentum the company’s bu...

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eBay to eliminate 1,000 roles, reducing full-time workforce by 9%: ‘This is not easy’

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January 24, 20240

eBay will begin reducing its workforce by approximately 9% – about 1,000 full-time roles – in efforts to "better position eBay for long-term, sustainable growth," the company announced Tuesday. In a news release, which was also sent to employees, eBay president and CEO Jamie Iannone said the "fundamental changes" put into place over the past three years have "accelerated the pace of innovation" and resulted in increased customer satisfaction and improved market growth, but "there is more" the company can do to be successful. "We need to better organize our teams for speed – allowing us to be more nimble, bring like-work together, and help us make decisions more quickly," Iannone wrote. Described as the "most significant and toughest of the decisions," Iannone said the company wil...

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Netflix subscribers surge as revenue beats estimates

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January 24, 20240

Netflix (NFLX) said Tuesday that its fourth quarter subscriber additions surged, topping its own forecast and sending its stock as much as 10% higher in premarket trading on Wednesday. The subscriber additions of 13.12 million beat Netflix's own forecast of about 9 million with full-year 2023 net additions sitting at roughly 30 million. The company had added 7.67 million paying users in Q4 2022. Revenue beat Wall Street estimates of $8.71 billion to hit $8.83 billion in the quarter, an increase of 12.5% compared to the same period last year, as the streamer leaned on revenue initiatives like its crackdown on password sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans. Netflix guided to first quarter revenue of $9.24 billion, roughly...

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Exxon Mobil sues ESG investors to keep climate proposals off shareholder ballot

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January 23, 20240

Exxon Mobil filed a lawsuit on Sunday in a Texas court that seeks to block activist investors from bringing a climate proposal up for a vote during the company’s shareholder meeting in May. The lawsuit marks the first time Exxon has moved to block a shareholder proposal through a court complaint. The case was assigned to the U.S. District Court for the Northern District of Texas and has been assigned to Judge Reed O’Connor, an appointee of former President George W. Bush who has a record of ruling in favor of conservative litigants. Exxon says the investors are "driven by an extreme agenda" and that their repeated proposals don’t serve the best interests of investors or promote long-term shareholder value. The company is asking the court to allow it to exclude the activist sharehold...

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China Weighs Stock Market Rescue Package Backed by $278 Billion

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January 23, 20240

Chinese authorities are considering a package of measures to stabilize the slumping stock market, according to people familiar with the matter, after earlier attempts to restore investor confidence fell short and prompted Premier Li Qiang to call for “forceful” steps. Policymakers are seeking to mobilize about 2 trillion yuan ($278 billion), mainly from the offshore accounts of Chinese state-owned enterprises, as part of a stabilization fund to buy shares onshore through the Hong Kong exchange link, said the people, asking not to be identified discussing a private matter. They have also earmarked at least 300 billion yuan of local funds to invest in onshore shares through China Securities Finance Corp. or Central Huijin Investment Ltd., the people said. ...