The Nasdaq 100 Index remains on the backfoot on Wednesday, following Netflix’s dismal quarterly results yesterday. Netflix reported a subscriber loss of 200,000 for the first quarter, the first subscriber decline in over a decade. Since the results crossed the wires, Netflix is down roughly 36%, making it the worst performing stock in the
in 2022. With nearly $50 billion in market cap shaved off, Netflix now trades back at pre-pandemic levels. The results dragged other streaming giants lower, with Disney, Discovery, and Roku all shedding more than 4%.Wednesday sees Tesla report after the closing bell, an event that will steal the show given CEO Elon Musk’s recent endeavor to purchase Twitter. Prior to the report, Tesla retreated over 4% and back below $1,000 per share.
Despite global supply chain issues, Tesla is coming off an impressive fiscal year. Traders will look to the results and guidance to see if the EV company can maintain its momentum into 2022.is expecting adjusted EPS of $2.31 for the quarter, compared to $0.93 in Q1 2021. Tesla has already announced that is produced 305,407 vehicles in Q1, which far exceeded last year’s total.
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