Company News

Netflix Grows Subscribers by 2.4 Million in Q3, Expects Extra 4.5 Million Subscribers in Q4

Netflix, an American subscription streaming service, has reported a 2.4 million increase in its global subscriptions in the third quarter of 2022.

Published

1 year ago

October 19, 2022

Investors King

Netflix, an American subscription streaming service, has reported a 2.4 million increase in its global subscriptions in the third quarter (Q3) of 2022. The company expected to add extra 4.5 million subscribers by the fourth quarter (Q4).

The global streaming service, in a letter to its shareholders, said the company is on its way to reaccelerate growth after a challenging first half.

Netflix shares increased as high as 14.32% to $275.35 after the result was made public. The immediate jump in prices showed Netflix investors, who have been clamouring for growth since the beginning of the year, gladly increased their holdings in the company’s stock.

However, Netflix hasn’t been growing as it did in the past couple of years. For instance, the company lost over one million subscribers in the first half of this year alone. Meaning, even with the reported growth, Netflix is just paring losses and managing to stay afloat.

The company’s revenue for the third quarter grew by 5.9% to $7.93 billion, surpassing analysts’ expectations.

According to the company’s financial statement, Netflix subscribers jumped on the back of Stranger Things, the new episodes currently airing on the platform. Other top series luring people to the platform were the Korean Drama smash hit Extraordinary Attorney Woo, The Gray Man, and Purple Hearts, and it’s second most famous English series, Monster: The Jeffrey Dahmer Story, a true crime drama.

It should be recalled that a few days ago Investors King reported that Netflix in an effort to increase revenue and diversify earnings, introduced the Basic With Ads package in Uk, the U.S, and other ten countries.

While the new ads-based subscription is expected to commence next month, Netflix has launched a new feature to ease migration to the new package without having to create a new account.

The new feature called Profile Transfer would allow existing Netflix subscribers to join the basic with ads package by just clicking to switch and vice versa.

Up Next

Finance Costs, Cost of Sales Drag on BUA Cement’s Profit in Q3 2022

Don't Miss

Lafarge Plead Guilty to Paying Off ISIS, Fined $780 Million as Penalty

Investors King

Comments

Company News

Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper

Published

3 days ago

December 7, 2023

Investors King

Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.

This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.

Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.

The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.

FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.

The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.

He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.

Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.

In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.

The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.

Company News

SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks

Published

3 days ago

December 7, 2023

Investors King

Elon Musk’s SpaceX is reportedly in discussions about initiating a tender offer that values the aerospace manufacturer and space transportation company at $175 billion or more.

According to insiders familiar with the matter, the most valuable US startup is contemplating a tender offer ranging between $500 million and $750 million.

Sources suggest that SpaceX is evaluating the possibility of offering shares at approximately $95 per share, with the terms and size of the tender offer subject to change based on the level of interest from potential insider sellers and buyers.

If the $175 billion valuation is realized, it would mark a notable increase from the $150 billion valuation obtained through a tender offer earlier this summer.

This elevated valuation would position SpaceX among the world’s 75 largest companies by market capitalization, comparable to industry giants such as T-Mobile USA Inc., Nike Inc., and China Mobile.

SpaceX, known formally as Space Exploration Technologies Corp., dominates the commercial space launch services market with its Falcon rockets and operates the Starlink service, which provides internet from space via a growing constellation of satellites in low-Earth orbit.

With anticipated revenues of about $9 billion in 2023, projected to rise to approximately $15 billion in 2024, SpaceX’s strategic moves, including a potential initial public offering for Starlink, underscore the company’s ambitious plans and strong market position.

Representatives for SpaceX have not yet responded to requests for comment on these recent developments.

Merger and Acquisition

Bitmama Inc. Acquires Payday, Expanding Fintech Footprint in Nigeria

Published

5 days ago

December 5, 2023

Investors King

Nigeria’s blockchain payments platform Bitmama Inc. has successfully acquired Payday, a virtual card service provider.

The acquisition, facilitated through Bitmama’s cross-border payments product, Changera, signals a pivotal shift in the industry and consolidated the blockchain payment platform by acquiring 100% of Payday’s customer base.

Launched in 2021, Changera is set to absorb key personnel from Payday, spanning various departments like marketing, customer service, and engineering.

While specific details of the financial terms remain undisclosed, a source close to the matter revealed that the acquisition process is approximately “85% complete.”

For the over 300,000 customers formerly under Payday’s purview, the transition to Changera’s care promises a seamless experience, with minimal noticeable changes.

Despite Payday CEO Favour Ori’s integration into Bitmama’s team remaining uncertain, Changera is well-positioned with an established leadership and a robust technical team.

A senior member of Bitmama’s management assured that Payday’s brand will persist but will now operate under the broader umbrella of Changera, supported by its stablecoin infrastructure.

This integration aims to address operational challenges faced by Payday, such as industry-wide charge-back fraud, disruptions in Mastercard services, and the departure of senior team members.

Post-acquisition, Bitmama plans to embark on an ambitious roadmap, including the development of a new solution enhancing foreign exchange (FX) transactions for African businesses.

Anticipated for launch in Q1 2024, this solution aims to facilitate smoother and more efficient B2B cross-border financial interactions.

The acquisition of Payday by Bitmama aligns with the broader trend of strategic consolidations within the fintech industry, reflecting a pattern where companies seek partnerships and acquisitions to overcome market challenges and scale operations.

This move mirrors similar strategic consolidations, including the acquisition of Chaka by Risevest in September 2023, underscoring the industry’s drive towards collaborative growth.