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It looked like Netflix had a lot to celebrate: Netflix added 9.3 mn subscribers in 1Q 2024 and its net income was up 78% y-o-y, surpassing analyst expectations to reach USD 2.3 bn on the back of its controversial crackdown on password sharing and the introduction of ad-supported plans, the platform reported in its letter to shareholders (pdf) following its quarterly earnings release.
But shareholders have concerns about growth after Netflix said it wills top reporting subscriber numbers as of 2025 unless there’s a significant milestone. That type of move is common as businesses mature — witness Apple’s decision a few years back to stop breaking down the number of devices it sells in each of its product categories.
Despite the impressive quarterly results, Netflix’s share price took a beating: Netflix’s shares fell 9.1% to USD 555.04 a share on the Nasdaq on Friday, following the news a day earlier.
ALSO WORTH NOTING-
- ADIB to acquire 15% stake of Indonesian bank? Abu Dhabi Islamic Bank (ADIB) is in talks to purchase a 15% stake in Bank Syariah Indonesia — Indonesia’s biggest Islamic bank — for USD 1.1 bn. (Reuters)
- BTC’s “halving” risks putting pressure on miners: BTC’s once-every-four-years “ halving ” measure has come into effect, cutting in half the rewards for miners who often rely on expensive hardware and a lot of energy to verify and validate transactions. (Bloomberg)
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TASI |
12,502 |
+0.3% (YTD: +4.5%) |
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MSCI Tadawul 30 |
1,575 |
+0.4% (YTD: 1.6%) |
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NomuC |
26,708 |
+1.2% (YTD: +8.9%) |
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USD : SAR (SAMA) |
3.75 Buy |
3.75 Sell |
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Interest rates |
6% repo |
5.5% reverse repo |
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EGX30 |
28,333 |
-4.5% (YTD: +13.8%) |
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ADX |
9,126 |
-0.6% (YTD: -4.7%) |
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DFM |
4,175 |
-0.8% (YTD: +2.8%) |
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S&P 500 |
4,967 |
-0.9% (YTD: +4.1%) |
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FTSE 100 |
7,896 |
+0.2% (YTD: +2.1%) |
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Euro Stoxx 50 |
4,918 |
-0.4% (YTD: +8.8%) |
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Brent crude |
USD 87.29 |
+0.2% |
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Natural gas (Nymex) |
USD 1.75 |
-0.3% |
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Gold |
USD 2,414 |
+0.7% |
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BTC |
USD 64,669 |
+1.5% (YTD: +132.5%) |
THE CLOSING BELL: TADAWUL-
The TASI rose 0.3% on Thursday on turnover of SAR 8.2 bn. The index is up 4.5% YTD.
In the green: Amiantit (+7.8%), Allianz SF (+6.8%) and United Cooperative Assurance (+5.7%).
In the red: AlKhaleej Trng (-5.3%), National Medical Care (-4.2%) and Saudi Ceramics (-3.9%).
THE CLOSING BELL: NOMU-
The NomuC rose 1.2% yesterday on turnover of SAR 55.9 mn. The index is up 8.9% YTD.
In the green: Academy of Learning (+19.1%), Taqat (+11.3%) and Clean Life (+6.4%).
In the red: Saudi Top (-5.6%), MOBI Industry (-4.9%) and Almodawat (-4.8%)
CORPORATE ACTIONS-
Alkhabeer Capital will distribute SAR 13.3 mn in dividend to all unitholders of its Alkhabeer Growth and Income Traded Fund at a par value of SAR 0.2 for the second half of 2023, it said in a disclosure to Tadawul. Shares will be distributed within 10 business days after the distribution entitlement date, it added.
Shareholders of Nomu-listed cloud service provider Edarat have approved a 100% capital hike to SAR 25.2 mn through a bonus issuance, it said in a disclosure to Tadawul. The capital increase comes under plans to support future business plans and achieve robust growth.
