Netflix drops as earnings miss expectations
After markets closed yesterday, Netflix released its Q2 earnings which were lower than expected.
Although revenue came in better than expected at $6.15 billion vs. $6.08 billion. Earnings per share missed considerably, leading to Netflix stock dropping by more than 5%.
The reported EPS was $1.59 vs expected EPS of $1.81.
The company also said it expects around 2.5 million new subscribers in Q3, while many expected this figure to be close to 5 million.
Bank of England says UK economic recovery has begun
Today, the BoE’s Andrew Bailey stated that the UK has started its post-pandemic economic recovery, but warns not all sectors will survive.
Bailey indicated that the housing industry as well as new car sales are on the rise, however the uncertainty surrounding the hospitality and entertainment industries still remains.
Overall, the BoE was not clear on the potential long-term economic damage, should a growing number of companies in this sector fail.
Twitter shares fall as hackers targets tech titans
Twitter recently confirmed several key accounts that were recently targeted by hackers, these included Elon Musk, Bill Gates and Jeff Bezos.
In a statement, the tech giant stated, “ Based on what we know right now, we believe approximately 130 accounts were targeted by the attackers in some way as part of the incident. For a small subset of these accounts, the attackers were able to gain control of the accounts and then send Tweets from those accounts.”
The company which is scheduled to release its Q2 earnings next week saw shares drop to as much as 4% on the news.
Quote of the day: . “Frankly, I don’t see markets; I see risks, rewards, and money.”Larry Hite
EURGBP: EURGBP successfully maneuvered yesterday’s turbulence to finally breakout of this week’s resistance level of 0.908. The pair went to as high as 0.913 today.
GBPJPY: Sterling/Yen continued to consolidate to end the trading week, this time to the benefit of the bears. After failing to break the 135.202 resistance, the bears took the pair to a low of 134.122.