Worldwide computer malfunction disrupts business sector.
The business world faced a stressful day due to what is being deemed the largest global computer outage ever. At the same time, Wall Street contended with fluctuating investor sentiment, coinciding with the peak of earnings season. Major tech companies like Alphabet, Microsoft, and Amazon are set to announce their quarterly results in the upcoming week. Tesla, Coca-Cola, and UPS are among the other significant companies scheduled to report next week.
Attention will also be on the rate of economic expansion. Next week, we will receive data on the Gross Domestic Product (GDP) for the second quarter.
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Netflix alters streaming plans in response to subscriber increase.
In other business news: Netflix is eliminating its most affordable ad-free streaming plan. The $9.99 plan is being discontinued similar to DVDs. Instead, customers currently on the Basic plan will have the choice to upgrade to Netflix’s Standard ad-free plan for $15.49 per month or its Premium plan for $19.99.
There is another alternative, though. Subscribers have the option to switch to Netflix’s ad-supported plan, which costs approximately each month. This plan is gaining popularity among viewers who might have needed to create their own accounts after Netflix began enforcing restrictions on password sharing. The number of sign-ups for the less expensive plan, which includes commercials, increased by 34 percent during the second quarter.
At the end of June, the total number of subscribers reached an unprecedented high of nearly 278 million, greatly surpassing competitors Disney+, Peacock, and Max. Between April and June, Netflix gained over 8 million paying subscribers, leading to higher-than-anticipated quarterly profits.
That concludes your Daily Briefing. Reporting from the New York Stock Exchange, I’m Conway Gittens for TheStreet.
Related: Netflix earnings: Analysts make significant change as stock approaches record high.
