Boeing pulls 2019 guidance, pauses share buybacks due to 737 Max uncertainty

Boeing announced Wednesday it will pause share buybacks and is withdrawing its full year 2019 financial forecast while it works through issues surrounding its 737 Max aircraft, whose software is suspected in two deadly crashes. Boeing said the previous guidance “does not reflect 737 MAX impacts,” adding that “new guidance will be issued at a future date” because of “the uncertainty of timing and conditions” for when the 737 Max planes will return to flight. The company’s presentation to sharehol


Boeing announced Wednesday it will pause share buybacks and is withdrawing its full year 2019 financial forecast while it works through issues surrounding its 737 Max aircraft, whose software is suspected in two deadly crashes. Boeing said the previous guidance “does not reflect 737 MAX impacts,” adding that “new guidance will be issued at a future date” because of “the uncertainty of timing and conditions” for when the 737 Max planes will return to flight. The company’s presentation to sharehol
Boeing pulls 2019 guidance, pauses share buybacks due to 737 Max uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: michael sheetz, source
Keywords: news, cnbc, companies, share, 737, boeing, pulls, guidance, max, fell, 2019, works, billion, aircraft, pauses, buybacks, trading, uncertainty


Boeing pulls 2019 guidance, pauses share buybacks due to 737 Max uncertainty

Boeing announced Wednesday it will pause share buybacks and is withdrawing its full year 2019 financial forecast while it works through issues surrounding its 737 Max aircraft, whose software is suspected in two deadly crashes.

Boeing said the previous guidance “does not reflect 737 MAX impacts,” adding that “new guidance will be issued at a future date” because of “the uncertainty of timing and conditions” for when the 737 Max planes will return to flight. The company’s presentation to shareholders noted the commercial airplane business had $1 billion in increased costs due to the 737 production line.

The company also delivered first-quarter earnings that were in line with Wall Street expectations while revenue was lighter than expected. Boeing’s cash flow fell nearly 10%, to $2.8 billion this quarter from $3.1 billion the same period last year, specifically citing lower 737 aircraft deliveries.

Shares of Boeing initially fell in premarket trading after the release but bounced back, trading up more than 1% from Tuesday’s close of $374.02 a share.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: michael sheetz, source
Keywords: news, cnbc, companies, share, 737, boeing, pulls, guidance, max, fell, 2019, works, billion, aircraft, pauses, buybacks, trading, uncertainty


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Oil near 2019 highs after US ends all Iran sanction exemptions

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Brent crude futures were at $74.40 per barrel at 0239 GMT, up 0.5 percent from their last close and not far off a 2019 peak of $74.52 reached on Monday. U.S. West Texas Intermediate (WTI) crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.89 by 0239 GMT, which was still up 0.5 percen


Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Brent crude futures were at $74.40 per barrel at 0239 GMT, up 0.5 percent from their last close and not far off a 2019 peak of $74.52 reached on Monday. U.S. West Texas Intermediate (WTI) crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.89 by 0239 GMT, which was still up 0.5 percen
Oil near 2019 highs after US ends all Iran sanction exemptions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: essam al-sudani
Keywords: news, cnbc, companies, 2019, iranian, opec, highs, ends, sanctions, sanction, oil, united, near, going, futures, supply, crude, exemptions, iran


Oil near 2019 highs after US ends all Iran sanction exemptions

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.

Brent crude futures were at $74.40 per barrel at 0239 GMT, up 0.5 percent from their last close and not far off a 2019 peak of $74.52 reached on Monday.

U.S. West Texas Intermediate (WTI) crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.89 by 0239 GMT, which was still up 0.5 percent from their last settlement.

The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers, most of them in Asia, to continue importing limited volumes.

Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC) at almost 3 million barrels per day (bpd), but April exports have shrunk well below 1 million bpd, according to ship tracking and analyst data in Refinitiv.

Barclay’s bank said in a note following the announcement that the decision took many market participants by surprise and that the move would “lead to a significant tightening of oil markets”.

The British bank added that Washington’s target to cut Iran oil exports to zero posed a “material upside risk to our current $70 per barrel average price forecast for Brent this year, compared with the year-to-date average of $65 per barrel”.

ANZ bank said in a note on Tuesday that “the decision is likely to worsen the ongoing supply woes being felt with Venezuelan sanctions, the OPEC supply cut, and intensifying conflict in Libya.”

The move to tighten Iran sanctions comes amid other sanctions Washington has placed on Venezuela’s oil exports and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices.

Ellen Wald, non-resident senior fellow at the Global Energy Center of the Atlantic Council, said the United States “seem to expect” Saudi Arabia and the United Arab Emirates to replace the Iranian oil, but she added “that this is not necessarily the way Saudi Arabia sees it.”

Saudi Arabia is the world’s biggest exporter of crude oil and OPEC’s de-facto leader. The group is set to meet in June to discuss its output policy.

“Should OPEC decide to end their supply cut program going into the second half of the year, this could limit oil’s upside in the coming months,” said Lukman Otunuga, analyst at futures brokerage FXTM.

Meanwhile, the Atlantic Council said the U.S. move would hurt Iranian citizens.

“We’re going to see their currency collapse more, more unemployment, more inflation,” said Barbara Slavin, director for the Future of Iran Initiative at the Atlantic Council, adding that the U.S. sanctions were “not going to bring Iran back to the (nuclear) negotiating table.”


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: essam al-sudani
Keywords: news, cnbc, companies, 2019, iranian, opec, highs, ends, sanctions, sanction, oil, united, near, going, futures, supply, crude, exemptions, iran


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Hasbro CEO says toymaker’s turnaround is on track for 2019

Hasbro had “good growth” across multiple businesses in the first quarter and its gaming segment is gaining popularity, CEO Brian Goldner told CNBC on Tuesday. The toy retailer’s eventual closure led to a number of disappointing quarters for Hasbro. So, overall feeling that we made that kind of progress that we wanted to make toward profitable growth for 2019.” Hasbro has also been focused on building its digital platform to connect and engage with gamers. “We’ll roll Magic Arena out around the w


Hasbro had “good growth” across multiple businesses in the first quarter and its gaming segment is gaining popularity, CEO Brian Goldner told CNBC on Tuesday. The toy retailer’s eventual closure led to a number of disappointing quarters for Hasbro. So, overall feeling that we made that kind of progress that we wanted to make toward profitable growth for 2019.” Hasbro has also been focused on building its digital platform to connect and engage with gamers. “We’ll roll Magic Arena out around the w
Hasbro CEO says toymaker’s turnaround is on track for 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: tyler clifford
Keywords: news, cnbc, companies, progress, turnaround, game, share, ceo, toy, arena, toymakers, markets, 2019, number, track, magic, hasbro, digital, goldner


Hasbro CEO says toymaker's turnaround is on track for 2019

Hasbro had “good growth” across multiple businesses in the first quarter and its gaming segment is gaining popularity, CEO Brian Goldner told CNBC on Tuesday.

The toy and board game manufacturer reported earnings of 21 cents per share in its quarterly results, trouncing the 11 cents per share loss that analysts were expecting from the company.

“Our franchise brands were up. Our gaming business was up. Our emerging brands were up,” Goldner said in an interview with “Mad Money’s” Jim Cramer.

Hasbro, the host pointed out, took a hit when Toys R Us filed for bankruptcy about a year and a half ago and left the toymaker with excess inventory. The toy retailer’s eventual closure led to a number of disappointing quarters for Hasbro.

Goldner has been trying to turn the company around. The stock rallied more than 14% Tuesday and is now up nearly 24% this year.

“We’re seeing some great progress in our international markets. Our European business has moved ahead,” the CEO said. “We expected to see a turnaround in international markets and they were up … So, overall feeling that we made that kind of progress that we wanted to make toward profitable growth for 2019.”

Hasbro has also been focused on building its digital platform to connect and engage with gamers. About 700 million games have been played on Magic: The Gathering Arena, a digital adaption of the card game of the same name, Goldner said. The multiplayer collectible card game was launched on in the second half of 2018.

“We’re now in beta on Magic: The Gathering Arena and its continuing to increase in retention and engagement and monetization,” he said. “We’ll roll Magic Arena out around the world. You’ll see a number of new events and esports initiatives and new digital initiatives.”


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: tyler clifford
Keywords: news, cnbc, companies, progress, turnaround, game, share, ceo, toy, arena, toymakers, markets, 2019, number, track, magic, hasbro, digital, goldner


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Hasbro CEO says toymaker’s turnaround is on track for 2019

Hasbro had “good growth” across multiple businesses in the first quarter and its gaming segment is gaining popularity, CEO Brian Goldner told CNBC on Tuesday. The toy retailer’s eventual closure led to a number of disappointing quarters for Hasbro. So, overall feeling that we made that kind of progress that we wanted to make toward profitable growth for 2019.” Hasbro has also been focused on building its digital platform to connect and engage with gamers. “We’ll roll Magic Arena out around the w


Hasbro had “good growth” across multiple businesses in the first quarter and its gaming segment is gaining popularity, CEO Brian Goldner told CNBC on Tuesday. The toy retailer’s eventual closure led to a number of disappointing quarters for Hasbro. So, overall feeling that we made that kind of progress that we wanted to make toward profitable growth for 2019.” Hasbro has also been focused on building its digital platform to connect and engage with gamers. “We’ll roll Magic Arena out around the w
Hasbro CEO says toymaker’s turnaround is on track for 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: tyler clifford
Keywords: news, cnbc, companies, progress, turnaround, game, share, ceo, toy, arena, toymakers, markets, 2019, number, track, magic, hasbro, digital, goldner


Hasbro CEO says toymaker's turnaround is on track for 2019

Hasbro had “good growth” across multiple businesses in the first quarter and its gaming segment is gaining popularity, CEO Brian Goldner told CNBC on Tuesday.

The toy and board game manufacturer reported earnings of 21 cents per share in its quarterly results, trouncing the 11 cents per share loss that analysts were expecting from the company.

“Our franchise brands were up. Our gaming business was up. Our emerging brands were up,” Goldner said in an interview with “Mad Money’s” Jim Cramer.

Hasbro, the host pointed out, took a hit when Toys R Us filed for bankruptcy about a year and a half ago and left the toymaker with excess inventory. The toy retailer’s eventual closure led to a number of disappointing quarters for Hasbro.

Goldner has been trying to turn the company around. The stock rallied more than 14% Tuesday and is now up nearly 24% this year.

“We’re seeing some great progress in our international markets. Our European business has moved ahead,” the CEO said. “We expected to see a turnaround in international markets and they were up … So, overall feeling that we made that kind of progress that we wanted to make toward profitable growth for 2019.”

Hasbro has also been focused on building its digital platform to connect and engage with gamers. About 700 million games have been played on Magic: The Gathering Arena, a digital adaption of the card game of the same name, Goldner said. The multiplayer collectible card game was launched on in the second half of 2018.

“We’re now in beta on Magic: The Gathering Arena and its continuing to increase in retention and engagement and monetization,” he said. “We’ll roll Magic Arena out around the world. You’ll see a number of new events and esports initiatives and new digital initiatives.”


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: tyler clifford
Keywords: news, cnbc, companies, progress, turnaround, game, share, ceo, toy, arena, toymakers, markets, 2019, number, track, magic, hasbro, digital, goldner


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CBS suspends search for a new CEO, extends acting CEO Ianniello through 2019

CBS announced Tuesday that it will suspend its search for a new CEO and that it will keep acting CEO Joseph Ianniello in the role through the end of the year. Ianniello assumed the role in September and had previously served as CBS’ chief operating officer and has been with the company since 1997. Shares of CBS rose slightly in postmarket trading following the news. CNBC previously reported that Shari Redstone would like to reunite CBS and Viacom. Sources familiar with the situation have previou


CBS announced Tuesday that it will suspend its search for a new CEO and that it will keep acting CEO Joseph Ianniello in the role through the end of the year. Ianniello assumed the role in September and had previously served as CBS’ chief operating officer and has been with the company since 1997. Shares of CBS rose slightly in postmarket trading following the news. CNBC previously reported that Shari Redstone would like to reunite CBS and Viacom. Sources familiar with the situation have previou
CBS suspends search for a new CEO, extends acting CEO Ianniello through 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: christine wang, getty images
Keywords: news, cnbc, companies, extends, previously, redstone, ianniello, cbs, ceo, acting, reported, search, rose, suspends, viacom, role, 2019


CBS suspends search for a new CEO, extends acting CEO Ianniello through 2019

CBS announced Tuesday that it will suspend its search for a new CEO and that it will keep acting CEO Joseph Ianniello in the role through the end of the year.

Earlier this month, CNBC had reported that CBS had missed its own internal deadline to find a successor for Les Moonves, who resigned amid sexual misconduct allegations.

Ianniello assumed the role in September and had previously served as CBS’ chief operating officer and has been with the company since 1997.

The media giant’s board said in a release, “Joe has demonstrated exceptional leadership during this time of unprecedented transition at CBS.” The board said Ianniello “steadied the ship” and demonstrated a “commitment to cultural change.”

Shares of CBS rose slightly in postmarket trading following the news.

CNBC previously reported that Shari Redstone would like to reunite CBS and Viacom. Redstone serves as vice chair of both companies.

Viacom shares rose nearly 1% in after-hours trade Tuesday.

Sources familiar with the situation have previously told CNBC that Redstone would like Viacom CEO Bob Bakish to lead the combined company. CNBC also reported that Ianniello could possibly become the No. 2 at a combined CBS-Viacom.

— With reporting from CNBC’s Alex Sherman.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: christine wang, getty images
Keywords: news, cnbc, companies, extends, previously, redstone, ianniello, cbs, ceo, acting, reported, search, rose, suspends, viacom, role, 2019


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Huawei says its first-quarter revenue jumped 39% despite political pressure

Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure. The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signe


Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure. The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signe
Huawei says its first-quarter revenue jumped 39% despite political pressure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, lluis gene, afp, getty images
Keywords: news, cnbc, companies, revenue, 2019, unprecedented, pressure, firstquarter, yuan, yearonyear, political, world, 39, jumped, growth, 5g, despite, huawei, billion


Huawei says its first-quarter revenue jumped 39% despite political pressure

Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure.

The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. The company said it shipped 59 million smartphones in the first quarter.

Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signed 40 commercial contracts for 5G with leading global carriers. 5G refers to the fifth generation of mobile networks that promises super-fast data speeds with the ability to support new technologies like driverless cars.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, lluis gene, afp, getty images
Keywords: news, cnbc, companies, revenue, 2019, unprecedented, pressure, firstquarter, yuan, yearonyear, political, world, 39, jumped, growth, 5g, despite, huawei, billion


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Huawei says its first-quarter revenue jumped 39% despite political pressure

Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure. The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signe


Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure. The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signe
Huawei says its first-quarter revenue jumped 39% despite political pressure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, lluis gene, afp, getty images
Keywords: news, cnbc, companies, 2019, jumped, billion, political, firstquarter, yearonyear, despite, pressure, unprecedented, yuan, growth, revenue, 5g, 39, huawei, world


Huawei says its first-quarter revenue jumped 39% despite political pressure

Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure.

The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. The company said it shipped 59 million smartphones in the first quarter.

Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signed 40 commercial contracts for 5G with leading global carriers. 5G refers to the fifth generation of mobile networks that promises super-fast data speeds with the ability to support new technologies like driverless cars.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, lluis gene, afp, getty images
Keywords: news, cnbc, companies, 2019, jumped, billion, political, firstquarter, yearonyear, despite, pressure, unprecedented, yuan, growth, revenue, 5g, 39, huawei, world


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Goldman Sachs expects weak earnings growth across all major markets in 2019

Investors can expect weak earnings growth across all major markets in 2019, according to Goldman Sachs’ chief global equity strategist. Both Goldman and Citigroup missed revenue estimates in financial results announced on Monday, with fellow Wall Street giants Morgan Stanley and Bank of America scheduled to report earnings later this week. “We do think that earnings growth is going to be quite weak this year in all of the major markets,” he said. “So having seen the rebound that we’ve had alread


Investors can expect weak earnings growth across all major markets in 2019, according to Goldman Sachs’ chief global equity strategist. Both Goldman and Citigroup missed revenue estimates in financial results announced on Monday, with fellow Wall Street giants Morgan Stanley and Bank of America scheduled to report earnings later this week. “We do think that earnings growth is going to be quite weak this year in all of the major markets,” he said. “So having seen the rebound that we’ve had alread
Goldman Sachs expects weak earnings growth across all major markets in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: elliot smith
Keywords: news, cnbc, companies, europe, sachs, goldman, think, markets, secondhalf, recovery, expects, earnings, growth, major, 2019, going, weak


Goldman Sachs expects weak earnings growth across all major markets in 2019

Investors can expect weak earnings growth across all major markets in 2019, according to Goldman Sachs’ chief global equity strategist.

Both Goldman and Citigroup missed revenue estimates in financial results announced on Monday, with fellow Wall Street giants Morgan Stanley and Bank of America scheduled to report earnings later this week.

Goldman’s Peter Oppenheimer told CNBC’s “Squawk Box Europe” on Tuesday that more dovish guidance from central banks has been crucial in triggering a recovery in equity markets, meaning the focus will now shift to earnings season.

“We do think that earnings growth is going to be quite weak this year in all of the major markets,” he said. “So having seen the rebound that we’ve had already, much is going to depend now on how far earnings can grow, and I think that’s going to be quite modest.”

While the first quarter is expected to be negative for the U.S., Goldman Sachs expects a recovery at quarterly level during the second-half of the year, both in the U.S. and globally.

He added: “We do think global activity will improve in the second-half of the year, even in Europe which has really lagged behind, we have some tailwinds from moderation in fiscal policy, particularly in Germany, and also Europe should benefit from the pickup in China and elsewhere.”


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: elliot smith
Keywords: news, cnbc, companies, europe, sachs, goldman, think, markets, secondhalf, recovery, expects, earnings, growth, major, 2019, going, weak


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Netflix drops on earnings report

Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSetNetflix p


Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSetNetflix p
Netflix drops on earnings report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, expected, negative, 2019, million, netflix, refinitiv, vs, billion, company, drops, earnings, cash, report


Netflix drops on earnings report

Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. The company reported quarterly revenue that beat estimates but included light guidance for the following quarter.

Here are the numbers Netflix reported compared to Wall Street’s expectations:

Earnings per share: 76 cents, vs. 57 cents expected, per Refinitiv consensus estimate.

76 cents, vs. 57 cents expected, per Refinitiv consensus estimate. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate.

$4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet

1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSet

Netflix provided light guidance for the second quarter of 2019. The company estimated Q2 earnings per share of $0.55 compared to the $0.99 analysts were expecting, per Refinitiv.

Netflix said its Chief Marketing Officer Kelly Bennett will retire this year. Chief Content Officer Ted Sarandos will run both content and marketing in the interim of the search for a new CMO.

The company also addressed the entrance of new streaming players like Apple and Disney in its letter to shareholders.

“We don’t anticipate that these new entrants will materially affect our growth because the transition from linear to on demand entertainment is so massive and because of the differing nature of our content offerings,” Netflix wrote, comparing the shift from linear viewing to streaming to that from broadcast to cable in the 1980s and 1990s. “We believe there is vast demand for watching great TV and movies and Netflix only satisfies a small portion of that demand.”

Netflix reported net cash flow for the quarter of negative $380 million compared to negative $287 million during the same period last year. The company said it now expects its 2019 free cash flow deficit to be higher than the negative $3 billion previously expected, coming in at negative $3.5 billion. Netflix said the larger deficit was due to a change in corporate structure and investments in real estate and infrastructure.

The company previously said cash flow would remain consistent in 2019 compared to last year’s total of negative $3 billion. Netflix said it still expects free cash flow to improve next year and the years after. The company previously said 2019 will be its peak for cash burn, after which it expects it to fall.

Netflix addressed its recent price hikes in its letter to shareholders, saying the response in the U.S. “so far is as we expected and is tracking similarly to what we saw in Canada following our Q4’18 increase, where our gross additions were unaffected, and we see some modest short-term churn effect as members consent to the price change.”

The company announced just before its last earnings report that it would raise the price of its basic plan from $8 to $9, boost the price of its most popular HD standard plan from $11 to $13 and bump its 4K premium plan from $14 to $16. Netflix had previously raised prices three times, which seemed to have little effect on subscriber growth while boosting the stock price.

Netflix also discussed some of its top-performing content in its letter to shareholders. The documentary, “FYRE: The Greatest Party That Never Happened” was watched by over 20 million member households in its first month on the service, Netflix said. The scripted series “Umbrella Academy” has been watched by 45 million member household services in its first four weeks, according to Netflix. The company also mentioned some of its industry awards, including several Oscars for its feature film “Roma.”

Subscribe to CNBC on YouTube.

Watch: It’s the moment of truth for Netflix as the final countdown to earnings is on


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, expected, negative, 2019, million, netflix, refinitiv, vs, billion, company, drops, earnings, cash, report


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Netflix drops on earnings report

Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSetNetflix p


Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSetNetflix p
Netflix drops on earnings report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, expected, negative, 2019, million, netflix, refinitiv, vs, billion, company, drops, earnings, cash, report


Netflix drops on earnings report

Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. The company reported quarterly revenue that beat estimates but included light guidance for the following quarter.

Here are the numbers Netflix reported compared to Wall Street’s expectations:

Earnings per share: 76 cents, vs. 57 cents expected, per Refinitiv consensus estimate.

76 cents, vs. 57 cents expected, per Refinitiv consensus estimate. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate.

$4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet

1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSet

Netflix provided light guidance for the second quarter of 2019. The company estimated Q2 earnings per share of $0.55 compared to the $0.99 analysts were expecting, per Refinitiv.

Netflix said its Chief Marketing Officer Kelly Bennett will retire this year. Chief Content Officer Ted Sarandos will run both content and marketing in the interim of the search for a new CMO.

The company also addressed the entrance of new streaming players like Apple and Disney in its letter to shareholders.

“We don’t anticipate that these new entrants will materially affect our growth because the transition from linear to on demand entertainment is so massive and because of the differing nature of our content offerings,” Netflix wrote, comparing the shift from linear viewing to streaming to that from broadcast to cable in the 1980s and 1990s. “We believe there is vast demand for watching great TV and movies and Netflix only satisfies a small portion of that demand.”

Netflix reported net cash flow for the quarter of negative $380 million compared to negative $287 million during the same period last year. The company said it now expects its 2019 free cash flow deficit to be higher than the negative $3 billion previously expected, coming in at negative $3.5 billion. Netflix said the larger deficit was due to a change in corporate structure and investments in real estate and infrastructure.

The company previously said cash flow would remain consistent in 2019 compared to last year’s total of negative $3 billion. Netflix said it still expects free cash flow to improve next year and the years after. The company previously said 2019 will be its peak for cash burn, after which it expects it to fall.

Netflix addressed its recent price hikes in its letter to shareholders, saying the response in the U.S. “so far is as we expected and is tracking similarly to what we saw in Canada following our Q4’18 increase, where our gross additions were unaffected, and we see some modest short-term churn effect as members consent to the price change.”

The company announced just before its last earnings report that it would raise the price of its basic plan from $8 to $9, boost the price of its most popular HD standard plan from $11 to $13 and bump its 4K premium plan from $14 to $16. Netflix had previously raised prices three times, which seemed to have little effect on subscriber growth while boosting the stock price.

Netflix also discussed some of its top-performing content in its letter to shareholders. The documentary, “FYRE: The Greatest Party That Never Happened” was watched by over 20 million member households in its first month on the service, Netflix said. The scripted series “Umbrella Academy” has been watched by 45 million member household services in its first four weeks, according to Netflix. The company also mentioned some of its industry awards, including several Oscars for its feature film “Roma.”

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Watch: It’s the moment of truth for Netflix as the final countdown to earnings is on


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, expected, negative, 2019, million, netflix, refinitiv, vs, billion, company, drops, earnings, cash, report


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