🚀 Netflix strong Q1

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Netflix reported a strong start to 2024, adding 9.33 million new subscribers in the first quarter, more than double the expected 4.84 million. This surge in subscribers, the highest since 2020, was driven by popular original content and effective measures to curb password sharing. These strategies not only reversed a previous slowdown but also significantly boosted Netflix's market valuation. For the quarter, Netflix achieved a 15% increase in revenue, reaching $9.33 billion, and a net income of $2.33 billion, or $5.28 per share, exceeding analyst expectations. Additionally, Netflix announced that starting from the first quarter of 2025, it will shift its reporting focus from quarterly subscriber growth and revenue per subscriber to overall sales and profits.

2. TikTok has significantly increased its advertising expenditure to more than $4.5 million to counter a potential U.S. ban, as legislation progresses that would require its parent company ByteDance to divest the app. This surge in spending includes over $2.5 million on television commercials and nearly $900,000 in online ads. The proposed legislation could mandate ByteDance to sell TikTok within nine months, although an extension is possible if satisfactory progress is made. With the U.S. House poised to vote on this bill soon and President Biden endorsing it, TikTok is strategically directing its ads towards key states, especially those with Senate Democrats facing challenging reelections, such as Pennsylvania. These efforts aim to influence the narrative in Washington regarding ByteDance's capability to safeguard U.S. user data.

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4. Headlines

   1. Bitcoin miners are using AI to increase efficiency in response to the halving event.

   2. Telse is cutting price sin China while removing inventory discounts in the US.

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