Earnings for the Week

There is Hope for Netflix

The popular streaming service company reported that it lost up to 970,000 net subscribers during the just concluded quarter, much less than the 2 million loss they had anticipated. They, however, announced expectations to add 1 million net subscribers in Q3, 2022. The expectations affected their stock price positively. They also reported an 8.6% year-on-year growth in revenue.

Snap Is Facing Hard Times from Competitors

The company struggled with profitability in the just concluded quarter. While revenue grew by 13% year-on-year, the average revenue per user declined by 4%. A net loss of $422 million was reported. This was largely due to a reduction in demand for its ad services and increased competition. To ensure they stay profitable, the company has decided to slow down its rate of hiring and cut down on operating costs.

Banks Are Riding on High Interest Rates

Bank of America and Goldman Sachs reported their earnings for the quarter just ended. While Bank of America grew its revenue, thanks to the high-interest rate environment, Goldman Sachs grew its fixed income business.

Johnson and Johnson Shrinks Full-Year Expectations

The company announced revenue growth of 3% year-on-year. However, the company’s management is no longer confident in its outlook for the year. The company announced a revised revenue outlook of $94.3 billion, compared to the $94.8 — $95.8 billion it initially stated.



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