Netflix shares plunged 15% last week from the $575 level as the company signalled weaker subscriber growth and profits were weaker than expected. Meanwhile, the revenue for the last quarter reported was $70 million higher than the Wall Street estimates. The world’s largest streaming company announced the second-quarter 2020 financial results on Thursday after market close.
Investors will shift their attention this week to corporate earnings with some of the biggest U.S. companies reporting their earnings later the week. Global shares trading strong on Monday ahead to the release of major corporate earnings results.
The U.S. package delivery giant FedEx (NYSE: FDX) reported better-than-expected fourth-quarter earnings results on Tuesday after the market close. While the company reported a loss of $334 million in its fiscal fourth quarter but its revenue surpassed the expectations as the Covid-19 pandemic continues to boost the online shopping.
The memory chip maker Micron Technology, Inc. (NASDAQ: MU) reported better-than-expected earnings for its third quarter of fiscal 2020 on Monday after the market close. The company revenue rose to $5.44 billion from $4.79 billion a year earlier.
Footwear giant Nike (NYSE: NKE) released its fourth-quarter earnings results on Thursday. The company reported a surprise loss of $790 million due to store closures across North America and other parts of the world. One bright spot was increasing digital sales; the sales increased 75%, representing about 30% of total revenue.