What happened: Netflix released its Q1 2023 earnings after market close on Tuesday, reporting mixed results. The streaming giant earned $8.16B in revenue, up 3.7% YoY. Net income was $1.3B, or $2.88 per share, down from $1.6B, or $3.53 per share, reported in Q1 2022. The company also announced it would postpone its password-sharing crackdown in the U.S. Why it matters: Netflix originally planned to roll out its new password-sharing guidelines in the first quarter but now plans to implement the new rules in the U.S. in the second quarter. Netflix said it saw an impact in subscriber numbers in international markets where the new password-sharing guidelines were in effect. Netflix added just 1.75 million subscribers in Q1, ending the quarter with 232.5 million paid subscribers globally. Where to see the impact: Netflix shares fell 8% in extended trading following the company’s earnings release. It recovered soon after, trading at around $333 per share by 7 p.m. ET. Netflix subscriber numbers have grown each year but have slowed significantly in recent years.
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Fox Corp and Fox News have agreed to settle the Dominion Voting Systems defamation lawsuit for $787.5M. The settlement came in the final hour as the trial for the lawsuit was about to begin in Delaware Superior Court on Tuesday. The trial had been delayed by one day on news that both parties were discussing a settlement. More: - Dominion sued Fox for $1.6B over false claims that Dominion’s machines swayed the outcome of the 2020 presidential election.
- The weekslong trial could have seen top Fox TV hosts like Tucker Carlson and company CEO Rupert Murdoch publicly testify.
- Dominion CEO John Poulos, while addressing reports outside the court, said Fox admitted to spreading false information about the company.
- Poulos noted that truthful reporting in the media is essential to U.S. democracy.
- Fox is also facing a similar defamation lawsuit by another voting machine company, Smartmatic, over the network’s statements about the 2020 presidential election.
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Bank of America released its Q1 2023 earnings on Tuesday, beating analysts’ expectations across the board. The bank reported $26.3B in revenue, up 13% YoY. Net income rose 15% to $8.2B or 94 cents a share. BofA reported net interest income of $14.4B, up 25% YoY. More: - BofA’s consumer banking unit reported $3.1B in net income and added 130,000 net new consumer checking accounts.
- The bank reported its client balances (deposits) of $1.6T declined by just $33B or 2%.
- Its global banking unit posted $2.6B in net income, and its global markets arm had $1.7B in net income.
- BofA’s sales and trading revenue increased by 7% to $5.1B.
- BofA reported $931M in provision for credit losses, up from $901M reported last quarter.
- BofA plans to cut 4,000 jobs, or about 2% of its workforce, by the end of June.
- The bank said it has already cut 1,000 positions in the first couple weeks of April.
- BofA shares closed at $30.56 on Tuesday, up ~1% for the day.
- The bank is down ~9% YTD.
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The Treasury Department said several electric vehicles would no longer qualify for the $7,500 tax credit under the new rules for battery sourcing. The new rules went into effect on Tuesday, April 18. Vehicles losing the $7,500 tax credit include models from BMW, Hyundai, Nissan, Rivian, Volkswagen, and Volvo. More: - Tesla’s Model 3 qualifies for only half the amount of the tax credit; however, other Tesla models are still eligible for the full $7,500.
- Other vehicles that qualify for the full tax credit include all General Motors EVs. Ford and Stellantis EVs saw the credit on most of their models halved to $3,750, though the Ford F-150 Lightning still qualifies for the full amount.
- The new rules aim to reduce the U.S.’s dependence on China for EV battery parts.
- The average EV in the U.S. costs about $58,600.
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 A message from MONOGRAM The $19.4B joint replacement market may be entering a new era, and this company is hoping to lead the way. It is estimated that up to 50% of joint replacements will be robotic by 2030 and Monogram is aiming to have the first active navigated robotic arm on the market. And you can invest in the company ahead of their planned Nasdaq listing. With 100,000 failed joint replacement surgeries every year, we believe that this market has been due for a realignment. Surgeons have been forced to rely on the same technology, like hand saws and generic-sized joint implants for the last 40 years. Monogram’s surgical robots and 3D-printed joint components are hoping to up the ante when it comes to personalization and precision. They’ve already demonstrated how their surgical system works on cadavers in front of 5,000+ live viewers, they have 20 patents filed, and 17,000+ people have previously invested. Join Monogram ahead of their intended NASDAQ listing. Invest Now
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Chinese insurer Ping An criticized London-based bank HSBC’s management for fundamentally failing to address key business model challenges. Ping An, in an updated proposal, has once again asked the bank to separate its Asia business into a Hong Kong-listed entity. Ping An owns an 8% stake in the bank. More: - HSBC also received a strategic review proposal from individual shareholder Ken Lui in Hong Kong, asking the bank to restore dividends to 51 cents per share.
- Lui also asked HSBC to provide regular updates on strategy, including the possibility of spinning off its Asia business.
- HSBC claims the proposals lack merit, noting that alternative structural options will not deliver increased value for shareholders.
- HSBC’s annual meeting is scheduled for May 5.
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The SEC has charged crypto exchange Bittrex Inc and former CEO William Shihara with operating an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Bittrex’s foreign affiliate, Bittrex Global GmbH, for failing to register as a national securities exchange. More: - Bittrex said it would vigorously defend the SEC’s allegations in court.
- The crypto firm claims that securities were not offered or traded on its platform and that it did not offer products that were investment contracts.
- Earlier this year, Bittrex announced it would close its U.S. operations effective April 30, citing regulatory uncertainty.
- Bittrex’s non-U.S. operations are based in Liechtenstein.
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 |  | Vanessa Omeokachie 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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Surgery won’t look the same in 10 years – invest in Monogram, the robots pioneering more precise procedures. | |
