Netflix shares popped more than 14% during extended trading on Tuesday after the streaming platform released its Q3 earnings. Netflix added a net 2.41 million paid subscribers to its platform in the quarter and beat analysts' expectations for revenue and earnings. More: - Netflix earned $7.9B in revenue, up ~6% YoY.
- Net Income came in at $1.4B, or $3.10 a share.
- Netflix's global paid subscribers totaled 223.09 million, up 4.5% YoY.
- Netflix said it would no longer provide guidance for its paid subscribers but would continue reporting the number of subscriptions on its platform in its quarterly earnings.
- Netflix noted its ad-supported tier will launch in 12 countries in November, six months after its initial announcement.
- Netflix said it's on a path to reaccelerate growth following a challenging H1 where the company saw its subscriber number drop for the first time since it went public in 2002.
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French company Lafarge SA has pleaded guilty and has agreed to pay $777.8M to settle a U.S. federal criminal charge related to its payments to the ISIS terrorist group. Lafarge made more than $10M in payments to ISIS from 2012 through 2014. More: - No individuals have been charged in the case yet; however, the investigation is still ongoing.
- According to U.S. Attorney Breon Peace, no corporation has ever been charged with providing material support and resources to foreign terrorist organizations.
- Lafarge paid $10.24M to ISIS, the al-Nusrah Front, and intermediaries from August 2013 to October 2014.
- In a statement, Lafarge said it deeply regretted the act and has worked with the U.S. Department of Justice to resolve the matter.
- In 2015, Lafarge was acquired by Switzerland-based building materials manufacturer Holcim.
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Goldman Sachs reported its Q3 earnings on Tuesday, slightly beating analysts’ expectations. The bank earned $11.98B in net revenues, down 12% YoY. Net income came in at $3.07B, or $8.25 a share, down 43% YoY. CEO David Solomon officially announced that the company will undergo a restructuring. More: - Solomon noted that changes would drive higher, more durable returns and provide long-term value for shareholders.
- Goldman’s Investment Banking arm generated $1.58B in net revenue.
- Global Markets reported $6.2B in net revenue, and Asset Management had $1.82B in net revenue, down 20% YoY.
- Consumer and Wealth Management earned $2.38B in net revenue, up 18% YoY.
- Goldman shares were up more than 3% during morning trading; they closed at $313.85 on Tuesday, up ~2% for the day.
- Goldman is down ~20.6% YTD.
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Intel has cut down the expected IPO valuation of its self-driving subsidiary Mobileye Global from $50B to targeting a valuation of about $16B. The company is also planning to issue fewer shares than initially planned in an effort to increase demand for the shares and raise prices. More: - Mobileye shares are set to begin trading on Oct. 26 on the Nasdaq.
- According to a filing on Tuesday, Intel plans to price Mobileye shares between $18 and $20 a share.
- Intel hopes to raise roughly $820M in the IPO, which will serve as working capital.
- According to Dealogic, the U.S. IPO market is on track to record its least amount of money raised since 1995.
- Intel acquired Mobileye for $15.3B in 2017.
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Mastercard is launching a program allowing financial intuitions like banks to offer cryptocurrency trading. Mastercard is partnering with crypto trading platform Paxos to provide the service. More: - Mastercard said it would work with Paxos to handle regulatory compliance and security, which are the main reasons banks cite for not using cryptocurrency.
- According to a poll conducted by Mastercard, about 60% of respondents expressed interest in digital currencies but said they would prefer to try cryptocurrencies through their banks.
- Mastercard joins a growing number of financial institutions that are investing in crypto, including Goldman Sachs, JPMorgan, and Morgan Stanley.
- In August, BlackRock said it was partnering with Coinbase to offer Bitcoin to its institutional clients.
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Facebook parent Meta Platforms has accepted the U.K.’s Competition and Markets Authority (CMA) ruling on selling Giphy. Last November, the CMA ordered the social media giant to sell Giphy in its entirety, citing that Meta’s $400M acquisition of the GIFs platform would impact other social media platforms’ access to GIFs. More: - Meta had appealed the ruling; however, a final decision was issued on Tuesday, maintaining the CMA’s stance that Meta must divest from Giphy.
- According to CMA, Meta currently controls about 50% of the U.K.’s £7B ($7.9B) display advertising market.
- The move marks the first time a global regulator has ordered the undoing of a completed transaction of a big tech firm.
- The CMA has other ongoing investigations into the practices of Apple, Google, and Amazon.
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- Widespread flooding in Nigeria caused by heavy rainfall and the release of water from the Lagdo dam in Cameroon has killed 603 people and displaced more than 1.3 million. It is one of the worst floods the country has experienced in over 10 years and has damaged critical infrastructure.
- Microsoft laid off more employees on Monday, indicating slower revenue growth in Q3. In July, the company said it plans to lay off less than 1% of its staff by the end of the year. Microsoft employs more than 200,000 people globally.
- Amazon workers at its Albany warehouse, ALB1, voted against unionization on Tuesday. According to the National Labor Relations Board, 206 votes were in favor of the union, and 406 votes were against unionization.
- Crypto platform FTX US and founder and CEO Sam Bankman-Fried are being investigated by the Texas State Securities Board over the company's planned purchase of Voyager's assets.
- Apple launched new versions of its iPad Pro, iPad, and Apple TV. The iPads will be available in stores on Oct. 26.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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