It looked like Netflix had a lot to celebrate: Netflix added 9.3 mn subscribers in 1Q 2024 and its net income was up 78% y-o-y, surpassing analyst expectations to reach USD 2.3 bn on the back of its controversial crackdown on password sharing and the introduction of ad-supported plans, the platform reported in its letter to shareholders (pdf) following its quarterly earnings release.

But shareholders have concerns about growth after Netflix said it will stop reporting subscriber numbers as of 2025 unless there’s a significant milestone. That type of move is common as businesses mature — witness Apple’s decision a few years back to stop breaking down the number of devices it sells in each of its product categories.

Despite the impressive quarterly results, Netflix’s share price took a beating: Netflix’s shares fell 9.1% to USD 555.04 a share on the Nasdaq on Friday, following the news a day earlier.

ALSO WORTH NOTING-

  • BTC’s “halving” event risks putting pressure on miners: BTC’s once-every-four-years “halving” measure has come into effect, cutting in half the rewards for miners who often rely on expensive hardware and a lot of energy to verify and validate transactions. (Bloomberg)
  • ADIB to acquire 15% stake of Indonesian bank? Abu Dhabi Islamic Bank (ADIB) is in talks to purchase a 15% stake in Bank Syariah Indonesia — Indonesia’s biggest Islamic bank — for USD 1.1 bn. (Reuters)

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THE CLOSING BELL-

The EGX30 fell by 4.5% at Thursday’s close on turnover of EGP 5.7 bn (13.5% above the 90-day average). Foreign investors were net sellers. The index is up 13.8% YTD.

In the green: Egypt Kuwait Holding – USD (+0.8%).

In the red: Sidi Kerir Petrochemicals (-9.0%), Fawry (-8.4%), and Oriental Weavers (-8.2%).

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