Business

Netflix logo is screened on a mobile phone for illustration photo. Krakow, Poland on October 17th, 2024.Beata Zawrzel | Nurphoto | Getty ImagesNetflix shares jumped Friday after the media streaming giant reported third-quarter earnings and revenue that beat expectations.Shares of Netflix were up 5.4% in U.S. premarket trading as of 4:39 a.m. ET.Netflix reported earnings per share of $5.40 for the three-month period ending Sept. 30, surpassing the $5.12 LSEG consensus estimate. Revenues also beat expectations, coming in at $9.83 billion, above the $9.77 billion anticipated by analysts.Crucially, Netflix saw momentum in its ad-supported membership tier, which jumped 35% quarter-over-quarter. While Netflix doesn't expect ads to become its primary growth drive until 2026, it said the ad-tier a...

LONDON — Cybersecurity firm Wiz is seeking to hit $1 billion of annual recurring revenues next year, the company's billionaire co-founder Roy Reznik told CNBC, adding that the firm will go public "when the stars align."Wiz makes software that connects to cloud storage providers like Amazon Web Services or Microsoft Azure and scans for everything it stores in the cloud, helping organizations identify and remove risks in their cloud environments. It was founded by four Israeli friends while they served in 8200, the intelligence unit of Israel's army, and most of Wiz's engineering personnel are still based in Tel Aviv, Israel.Earlier this year, the company rejected a $23-billion acquisition bid from Google, which would have marked the tech giant's largest-ever takeover. At the time, Wiz CEO A...

The head of the International Monetary Fund cautioned on Thursday that high debt and low growth remained major impediments to the global economy.IMF Managing Director Kristalina Georgieva told CNBC that while notable progress had been made in the global economic recovery, governments had become too accustomed to borrowing, with "anemic growth" adding to the challenges of servicing that debt."It's not yet time to celebrate," she told Karen Tso. "When we look into the challenges ahead of us, the biggest one is low growth, high debt. This is where we can and must do better," she added.While Georgieva commended the work of major central banks in taming inflation, she noted that the achievements had not been universal and that some economies were continuing to struggle with higher prices, which...

Pat Gelsinger, CEO, of Intel Corporation, testifies during the Senate Commerce, Science, and Transportation hearing on semiconductors titled Developing Next Generation Technology for Innovation, in Russell Senate Office Building on Wednesday, March 23, 2022.Tom Williams | CQ-Roll Call, Inc. | Getty ImagesIntel is looking to sell at least a minority stake in its Altera unit in a transaction that would raise several billion dollars in cash for the struggling chipmaker, according to people familiar with the matter.Intel is looking for a deal that values Altera at around $17 billion, said the people, who requested anonymity to speak freely about confidential information. Intel purchased Altera for $16.7 billion in 2015.Following a steep drop in its stock price and extended stretch of market sh...

China has announced in the past week a series of measures aimed at boosting its economy ahead of a key Politburo meeting later this week focused on reviewing the first half performance of the world's second-largest economy.Str | Afp | Getty ImagesChina's National Bureau of Statistics on Friday reported third-quarter GDP growth of 4.6% year on year, slightly exceeding the 4.5% expected by economists polled by Reuters.That's less than the second-quarter growth of 4.7% year on year. On a quarterly basis, the third quarter saw 0.9% expansion, compared to 0.7% in the second quarter."The national economy showed positive signs of growth in September," Sheng Laiyun, the bureau's deputy commissioner, said at the press conference, according to CNBC's translation of the Chinese. "The confidence is bu...

Customers shop at the new store of Costco on May 28, 2024 in Nanjing, Jiangsu Province of China.Vcg | Visual China Group | Getty ImagesChina on Friday reported better-than-expected retail sales and industrial production for September.Retail sales grew 3.2% from a year ago, better than the 2.5% growth estimated by analysts in an LSEG poll, the National Bureau of Statistics said. Sales rose at a faster clip than last month's 2.1% growth.Meanwhile, industrial production expanded 5.4% in September from a year ago, more than the 4.5% expected by analysts.From January through September, fixed asset investment grew 3.4% from a year ago.China also reported an urban unemployment rate of 5.1% in September, down 0.2 percentage point from the previous month.While there are some encouraging signs, "it ...

Nurphoto | Nurphoto | Getty ImagesLOS ANGELES — Netflix posted third-quarter earnings Thursday that beat on the top and bottom lines as its advertising business continued to grow.The streamer's ad-tier memberships jumped 35% quarter over quarter. The company is on track to launch the service in Canada in the coming quarter and more broadly in 2025.While Netflix does not expect advertising to become a primary growth driver until 2026, it noted that the ad-tier accounted for more than 50% of sign-ups during the third-quarter in countries where it is available.Shares rose about 5% in aftermarket trading.Here's what Netflix reported for the period that ended Sept. 30:Earnings per share: $5.40 vs. $5.12 expected by LSEGRevenue: $9.83 billion vs. $9.77 billion expected by LSEGPaid memberships: 2...

Amazon Web Services CEO, Matt Garman speaks during CNBC Power Lunch on July 1, 2024.CNBCAmazon's cloud boss on Thursday gave employees a frank message about the company's recently announced five-day in-office mandate.Staffers who don't agree with Amazon's new policy can leave, Amazon Web Services CEO Matt Garman said during an all-hands meeting at the company's second headquarters in Arlington, Virginia."If there are people who just don't work well in that environment and don't want to, that's OK, there are other companies around," Garman said, according to a transcript viewed by CNBC. "At Amazon, we want to be in an environment where we are working together, and we feel that collaborative environment is incredibly important for our innovation and for our culture."Amazon has observed that ...

Check out the companies making the biggest moves midday: Taiwan Semiconductor — Shares surged 9.79% after the company, which is the world's largest producer of advanced chips, reported a 54% gain in net profit for the third quarter driven by strong artificial intelligence-related demand. Shares of chip giants Nvidia and Micron each rose about 3% in sympathy following the quarterly results. Nvidia — The AI darling was up nearly 1% after hitting a record high earlier in the trading session. Taiwan Semiconductor, which is rallying on its earnings report, is a major Nvidia supplier. Expedia , Uber — Shares of the companies moved in opposite directions following a Financial Times report, which cited people familiar with the process, that Uber explored a potential takeover bid for Expedia. The p...

Third Point's Daniel Loeb believes the odds are rising that former President Donald Trump will win the U.S. presidency this November over Vice President Kamala Harris, and the influential hedge fund manager is increasing positions that would benefit under a Republican administration and Congress. "We believe that the likelihood of a Republican victory in the White House has increased, which would have a positive impact on certain sectors and the market overall," wrote Loeb in a letter to investors obtained by CNBC. "We believe the proposed 'America First' policy's tariffs will increase domestic manufacturing, infrastructure spending, and prices of certain materials and commodities … a reduction in regulation generally and especially in the activist antitrust stance of the Biden-Harris admi...