Tech companies fall sharply as Netflix shares collapse
Wall Street indices ended unevenly this Friday, April 19th, after The tech sector’s stunning decline led by Netflixwhich is even more emphasized geopolitical tensions in the Middle Eastafter Israeli retaliatory strike on Iran.
In this context Dow Jones Industrial Average ended at 37,986.40 points, up 0.6%. S&P 500 Index amounted to 4967.23 points, falling to 0.9%, and Nasdaq Composite It depreciated 2.1% after closing at 15,282.01 points.
Netflix plummets after it says it will stop reporting subscriber data
The streaming giant announced this will stop reporting quarterly membership data and average revenues starting from the first quarter of 2025.
Advert rejected First quarter results better than expectedwhich led to its shares falling by more than one 9%.
Last year, Netflix made a risky bet by forcing users who shared passwords to create their own accounts.. This measure yielded very good results, as the company added more than nine million subscribers in the first three months of the year, reaching a record level. 269.6 million.
Netflix
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Apart from the fall of Netflix, other tech giants such as Amazon (-3.1%), Microsoft Corporation (-1.5%), Alphabet (-1.5%), Apple Inc. (-1.2%) and Meta Platforms Inc. (-4.7%), with the latter even higher after Apple said it will remove the Instagram and Thread apps (owned by Meta) from its App Store in China.following pressure from Beijing’s internet regulator.
NVIDIA Corporation again fell nearly 10%, adding to recent losses.
Bye, American Express added profit more than 6%, after Financial services giant’s first-quarter profit beat forecastsdriven by an affluent customer base that increased spending as recession fears receded.
But actions Procter & Gamble there weren’t enough of them. They rose just 0.5% after the consumer goods giant’s third-quarter net sales fell short of expectations. “even though the company raised its full-year profit forecast as raw material costs fall.”.
Actions Paramount Global grew by 14% after successful sale of entertainment giant Skydance Media from David Ellison there may be a significant risk of being rejected while Sony And Apollo Global Management they’re getting ready to do “much better offer”.
Tesla Inc. fell 2% as an electric vehicle manufacturer recalls nearly 3,900 of its Cybertrucks due to a malfunction of the accelerator pedal pad, according to the inspection data US National Highway Traffic Safety Administration.
On the other side, crude oil prices moved forward on Friday, April 19, because Israel’s measured attack on Iran will further intensify as it is reported that Tehran has no plans to retaliate.