TheStreet’s Caroline Woods brings you the biggest news of the day, including what investors are watching and Netflix’s password sharing cracking has led to millions of new subscribers.
Category
🥇
SportsTranscript
00:00 I'm Caroline Woods reporting from the New York Stock Exchange.
00:03 Here's what we're watching on the street today.
00:05 Stocks are finishing up what was a rough week on Wall Street
00:09 on renewed fears that interest rates
00:10 may stay higher for longer.
00:12 Economists now see the Fed lowering rates in September
00:16 with some anticipating no rate cuts at all in 2024.
00:20 Fed President, Neil Kashkari, told Fox News on Thursday
00:23 that the central bank needs to be patient
00:25 and that the first rate cut may not happen until 2025.
00:30 In other news, Netflix's crackdown on passwords
00:32 seems to be working.
00:34 The streaming giant added over 9 million subscribers
00:36 in its first quarter, bringing its total to a record
00:39 269 million subscribers.
00:42 The company also reported a big jump in revenue,
00:44 with profits soaring to $2.3 billion in the quarter.
00:48 The company also saw success
00:49 from its newly introduced ad tier.
00:52 While Netflix didn't share exactly
00:54 how many new subscribers paid for ads,
00:56 it did see its ad membership grow 65% from 2023.
01:01 While its quarterly subscribers
01:02 surpassed Wall Street's estimates,
01:04 Netflix reported a drop in growth
01:06 from its fourth quarter earnings report
01:08 when it added 13 million new subscribers.
01:11 Netflix says after this quarter,
01:13 it will no longer be sharing its subscriber figures.
01:16 Netflix shares are up over 30% since the start of 2024.
01:21 That'll do it for your daily briefing
01:23 from the New York Stock Exchange.
01:24 I'm Caroline Woods with The Street.
01:26 (whooshing)
01:29 [BLANK_AUDIO]