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Good Morning!
Happy Friday! Have a great weekend:
šMassive outages worldwide
šNetflix earnings are in
šRNC main event
WORLDWIDE: Massive Outages
A faulty update from cybersecurity firm CrowdStrike caused a major IT outage on Friday, affecting businesses worldwide. CrowdStrike is rolling back the update and has deployed a fix. Customers are advised to check the support portal and contact their CrowdStrike representatives for updates.
Source: CNN
The outage hit various sectors, including airlines, banks, and telecom firms. American Airlines and Air France-KLM reported significant disruptions. Banks like Allianz and the London Stock Exchange faced technical issues, while Visa noted some payment processing problems. NBC Universal was also impacted by the outage.
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EARNINGS: Netflix
Netflix reported strong Q2 earnings, highlighting its leading position in streaming. The company saw a 34% increase in ad-supported memberships compared to last year.
Source: Netflix
Revenue for the quarter was $9.6 billion, up 17%, mainly due to higher average paid memberships. Netflix's net income rose to $2.15 billion ($4.88 per share) from $1.49 billion ($3.29 per share) last year. Global paid memberships grew 16.5% to 278 million. Netflix projects full-year revenue growth of 14-15%, up from previous estimates. The company plans to stop reporting quarterly membership numbers in 2025, focusing on revenue, operating margin, and engagement instead. Netflix is expanding its business strategies, including launching its own ad platform and adding live sports, like NFL games. Popular shows like āBridgertonā and āBaby Reindeerā continue to drive engagement.
TRUMP: RNC Speech
Former President Donald Trump recounted the assassination attempt during his Republican National Convention acceptance speech in Milwaukee on Thursday night.
Source: CNBC
āIām not supposed to be here tonight,ā said a somber Trump, with a bandage covering his right ear, which was nicked by a bullet. āAs you already know, the assassinās bullet came within a quarter of an inch of taking my life.ā Trump also expressed his āgratitude to the American people for your outpouring of love and support following the assassination attempt.ā
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Source: @wallstreetoasis
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