₦airaland Forum

Clueless EU

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...its better they hand Zelensky over to Putin for punishments.

The bubble don burst....

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Is this a joke?

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Shares in Netflix have slumped by 35% after it revealed a sharp drop in subscribers and warned millions more are set to quit the streaming service.

It wiped more than $50bn off the firm's market value as experts warned it faced a struggle to get back on track.

Netflix faces intense competition from streaming rivals, but was also hit after it raised prices and left Russia.

Yet some cast doubt on its plans to boost growth, which include bringing in a free ad-supported service.

It also plans to crack down on password sharing, estimating that more than 100 million non-paying households watch the service this way.

In a sign of the unease, one of America's best known investors, William Ackman, ditched his $1.1bn investment in Netflix on Wednesday, taking a loss of more than $400m.

His hedge fund Pershing Square Capital Management had bought the shares just three months ago.

In a brief statement, Mr Ackman said that while Netflix's plans to change its business model made sense, investing in the company felt too risky.

"While Netflix's business is fundamentally simple to understand, in light of recent events, we have lost confidence in our ability to predict the company's future prospects with a sufficient degree of certainty," he wrote.

In a trading update on Tuesday, Netflix said its total number of subscribers had fallen by 200,000 in the first three months of 2022, falling well short of its target.

It also said some two million more were likely to quit the service in the three months to July.

Some analysts warned that, after period of turbo-charged expansion during the pandemic, the streaming giant has run out of easy ways to grow.

Squeezed consumers are cutting back on streaming services to save money, while some feel there is too much content to choose from amid an avalanche of competition from rivals such as Disney and Amazon.

"Netflix's wider problem, along with the rest of the sector is that consumers don't have unlimited funds, and that one or two subscriptions is usually enough," said Michael Hewson, an analyst at CMC Markets.

"Once you move above that something has to give in a cost-of-living crisis, and while Netflix is still the market leader, it doesn't have the deeper pockets of Apple, Amazon or Disney, which makes it much more vulnerable to a margin squeeze."

But Julian Aquilina, senior TV analyst at the media research firm Enders Analysis, said it was wrong to write the firm off.

"The streaming market is maturing and the high expectations people had about Netflix are being reset.

"But I think it will remain the market leader, it has such a commanding position. If people are going to ditch a subscription, Netflix won't be the first one they choose."

He added that the firm had just put up its prices "which always leads to a drop in subscribers, but also means it's making more revenue per customer".

Netflix remains the world's leading streaming service with more than 220 million subscribers. It is increasingly producing its own content and shows such as the Crown, Bridgerton and Squid Game have been global hits.

The firm had enjoyed uninterrupted quarterly growth in subscribers since October 2011 but on Tuesday it admitted it was losing customers to rivals, while struggling to expand due to password sharing.

It also said a decision to raise prices in key markets had cost it 600,000 subscribers in North America alone, while its exit from Russia over Ukraine lost it 700,000.

Despite the challenges, revenue grew by $7.8bn (£6bn) in the first three months of the year, up 9.8% compared with the same period last year.

That marked a slowdown from earlier quarters, while profits fell more than 6% to roughly $1.6bn.

Netflix's shares plunged 35% on Wednesday, and fell a further 3.5% in opening trade on Thursday.

https://www.bbc.co.uk/news/business-61173561

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She dey craze?

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You support who Ibori tells you to support.....

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2015........(commot road, eediot)

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2022.........

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Buhari must produce the wreckage of that plane.....

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....otherwise confess it was handed to your bandits.

........yet Jagabans were celebrating like it was 1999?

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Damage limitation exercise..

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A.nother

P.athetic

C.ompany

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Buhari blames Zelensky for Nigeria.....


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Boko Haram repentants full our army...

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Zainab Ahmed, Nigeria’s Minister of Finance, on Wednesday, blamed the country’s worsening budget deficit on the ongoing conflict in Ukraine.

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Ms Ahmed who spoke at an IMF meeting in Washington DC on Wednesday said that the ongoing war in Ukraine triggered the country’s budget deficit to rise to 4.5 per cent of the country’s GDP from an initial 3.5 per cent.

“The war in Ukraine started and it worsened our situation. We have a deficit now that is about 4.5 per cent of GDP, when we started with a deficit of about 3.5 per cent,” the country’s finance minister said.

The minister’s remark comes just a week after the House of Representatives approved N4 trillion in funding for the fuel subsidy in 2022. This represents a N3.557 trillion increase over the N442.72 billion planned previously.

The approvals came in response to President Muhammadu Buhari’s call to parliament to make changes to the fiscal framework for the year 2022.

The president had in a letter to the Senate noted that an adjustment to the fiscal framework for 2022 became necessary due to new events in both the world and domestic economies.

He attributed the changes to rises in the market price of crude oil, which he said were a result of the Russia-Ukraine conflict.

The implication of the increased budget deficit in 2022 is that the government may end up spending less on capital projects and human capital which are critical in spurring economic growth and delivering jobs.

https://gazettengr.com/buhari-regime-blames-ukraine-war-for-nigerias-worsening-budget-deficit/

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Nigerian Niger troops in action....

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Wike-dness....

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The plane was delivered to bandits........it's obvious!

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6) Spending time on NL rather than focusing at work!

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Blind leading the eyeless........

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Nigeria that is 'Rocking'.....

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....with explosions!