Author: Press Room

Topline Shares of Netflix slid Thursday afternoon after the streaming giant released a tepid profit forecast in its quarterly earnings report, though the company added subscribers for a third consecutive quarter and posted quarterly financials that matched expectations. Key Facts Netflix added 1.75 million subscribers during the first three months of 2023, according to the release, growing to 232.5 million global paid subscribers. That tops average analyst estimates of 232 million subscribers, according to FactSet, but marks a 77% decrease from the nearly eight million subscribers added during the prior quarter. Shares of the streaming giant tanked as much as…

Traditional banking is unsafe at any speed. The Great Financial Crisis was proof positive. Yet our politicians rebuilt the system to die another day. That day is here. The financial earth is moving beneath our feet. Silicon Valley and Signature banks just went poof — the second and third largest U.S. bank failures ever. Days later, Credit Suisse, a global bank and Switzerland’s second largest, went poof — sold to UBS for peanuts – this despite $54 billion in mouth to mouth from the Swiss central bank. First Republic, our 18th largest bank, lies at death’s door. Yes, it was…

New U.S. home construction fell less than expected in March as a retreat in mortgage rates helped to jolt homebuyer demand, but the housing market remains depressed. Housing starts slid 0.8% last month to an annual rate of 1.42 million units, according to new Commerce Department data released on Tuesday. That is below Refinitiv economists’ forecast for a pace of 1.40 million units.In a sign the deep freeze that has paralyzed the housing market for months is not over yet, applications to build – which measures future construction – tumbled 8.8% to an annualized rate of 1.41 million units.  “While…

Bank of America’s customers are spending freely on dining, entertainment and other experiences, which in turn supports U.S. employment, CEO Brian Moynihan told CNBC’s Becky Quick.The bank’s customers boosted spending by 8% in the first three months of this year compared with the year-earlier period, Moynihan told Quick on Tuesday.”They’re spending on things frankly which drive employment, meaning they’re spending on experiences at amusement parks and theaters or restaurants or outside concerts,” Moynihan said.The current dynamic is part of a virtuous cycle that supports employment, versus an earlier boom in hard goods that mostly supported overseas producers, said the CEO…

Lululemon is looking to sell its at-home fitness business Mirror and has approached competitor Hydrow as a potential buyer, CNBC has learned. Multiple parties have reached out to Hydrow to gauge its interest in Mirror, said industry sources, who declined to be named because the talks are private. It’s not clear whether Hydrow, a private startup that sells connected rowing machines, is interested in moving forward with a deal. The company said it doesn’t comment on rumors or speculation.A Lululemon company spokesperson said the same.”As previously announced, we are shifting the focus of lululemon Studio from a hardware-centric offering to one that…

Netflix on Tuesday said it will move forward with a broad rollout of its paid account sharing option in the second quarter, after having delayed it during the prior quarter. Netflix began clamping down on password sharing in four additional countries earlier this year, but opted not to expand more broadly after it “found enough improvement opportunities” from early launches. The delayed timing, announced in the company’s latest earnings results, may have added to the company’s challenges in growing its subscriber base during the March quarter. The company reported a net increase of 1.75 million global streaming subscribers, up nearly…

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Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.The online auction will be held between May 28 – June 11 to commemorate the iconic Roland-Garros tournamentCollecting digital art as NFTs is nothing new – however, what about digitized antique objects? While there have already been reports of art galleries digitizing valuable antiques – from historical weapons to decorative objects – to tap into millennials’ demographics as potential collectors, the collection of digitized rare antique tennis rackets comes as a first.Owned by IT entrepreneur and avid tennis player Slava Babienko, the collection of over 90 lots…

De La Rue, the world’s largest banknote maker, issued a profit warning on Wednesday. The company said in a stock exchange filing that demand for banknotes is at a 20-year low. Central banks around the world snapped up banknotes during the pandemic and are working through stockpiles. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app With demand plunging to a two-decade low, printing money isn’t as lucrative as it used to be.De La Rue, the world’s largest banknote maker, issued a profit warning on…

Inside an airy Los Angeles restaurant, the actor and Goop founder Gwyneth Paltrow and the billionaire developer Rick Caruso have just finished speaking on a VIP lunchtime panel. A few feet away, Serena Williams and her husband, the investor and Reddit founder Alexis Ohanian, are about to be served dessert.These luminaries were among the 1,000-plus attendees of last month’s Upfront Summit, a glitzy, invite-only tech conference organized by Upfront Ventures and its managing partner, Mark Suster, in Los Angeles each year.As the lunch winds down, a slightly annoyed Suster barges in to deliver a friendly but stern admonition: It’s time…