In Thursday’s trading session in global markets, the most noteworthy earnings report came from Netflix, which reported a strong albeit mixed set of quarterly earnings for the fourth quarter of 2022. Subscriber growth beat expectations, coming in at 7.66 million subscribers against the 4.5 million expected, while adjusted earnings of $0.12 per share missed the $0.58 expected. Revenue came in at $7.85 billion versus the $7.86 billion expected.
Netflix co-CEO and co-founder Reed Hastings announced that he will be stepping down as co-CEO and will serve as executive chairman, while the current chief operating officer, Greg Peters will replace him as co-CEO and join co-CEO Ted Sarandos in leading the company.
Netflix shares have recovered by more than 60% to the six months ended 31 December 2022, and are up 7.09% so far in the new year, outperforming the Nasdaq’s 3.25% gain.
In local markets, the Top 40 closed the day down by 0.58% and the Resources 10 sector went down by 1.1%, the Financial 15 went down by 0.25%, the Industrial 25 went down by 0.27%. The Rand traded at R17.33 against the Dollar, R21.44 against the Pound, and R18.74 against the Euro. In yesterday's trading session, Woolworths’ share price reached levels last seen in 2017 in response to the trading statement the company released. The owner of Cartrack Holdings, Karooooo Limited released its third-quarter results, which boasted a 29% increase in total revenue to R930 million.
Market Moves (19 January 2023)
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