Good morning.
Netflix is breaking all its old rules after a disastrous set of quarterly results called into question its future prospects.
The streaming giant said it lost 200,000 subscribers in the first three months of the year – its first decline in more than a decade.
Although his withdrawal from Russia resulted in the loss of 700,000 customers, he predicts another loss of 2 million subscribers in the three months to the end of June, raising fears that he may have already seen his best days.
Shares on Netflix fell 25 percent last night. If the decline continues today, the company will lose about half its value so far this year, destroying about $ 150 billion (£ 115 billion) in equity in less than four months.
5 things to start your day with
1) Europe is paying the price for its addiction to Russian gas – but the worst is yet to come. Recent IMF forecasts reveal economic blow to the region due to its dependence on Russian energy
2) Netflix is losing subscribers for the first time in a decade as the cost of living is wasted. The streaming giant published terrible forecasts for the second quarter, sending shares down 26 percent
3) Bulb Energy boss still earns £ 250,000 after rescuing taxpayers Hayden Wood keeps salary after rescuing the company with £ 1.7 billion in public money
4) Britain will suffer the weakest growth in the G7 as the Sunak tax attack bites the IMF warns that the UK will lag behind its main rivals next year
5) Great British Rail Sale: Everything you need to know Where you can go, how to book tickets and how long the sale will last
What happened during the night
Asian markets were largely unchanged on Wednesday morning. In Tokyo, the Nikkei 225 opened slightly higher, supported by a cheaper yen, but Hong Kong’s Hang Seng index was slightly lower after being hit by concerns about China’s growth and Beijing’s repression of the technology sector on Tuesday. Shanghai and Seoul were also down as Sydney, Jakarta and Taipei moved up.
Expect today
- Corporate: Oxford Biomedica, Wood Group (year-round results); Bunzl, Carr’s Group, Centamin, CRH, Hunting, IntegraFin Holdings, Naked Wines, Petra Diamonds, Rio Tinto, QinetiQ Group, Quilter (trade statements)
- Economy: National Bank of China (China) interest rate decision, industrial production (EU), trade balance (EU)
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