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Netflix doubles new subscribers amid Covid-19

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Market summary:

The Maltese market closed in the green on Wednesday, with MSE total index ending the session 0.613% higher to 8,192.489 points. The best performer was the MIDI plc with a 9.36% surge to close at 0.444, followed by a 3.41% jump of Malta International Airport plc with a closing price 5.15. HSBC Bank Malta plc is also among the gainers, it increased 2.04% to close at 1.00. The biggest and only fall was seen from Lombard Bank Malta plc, it dropped 4.76% to close at 2.00.

European stocks clawed back some of their recent losses on Wednesday, helped by news of further economic relief measures on the other side of the Pond even as investors waited on a meeting of European Union leaders the next day to decide on a package of stimulus measures for the euro area. By the end of trading, the benchmark Stoxx 600 was 1.80% higher to 330.14, alongside a rise of 1.61% for the German Dax to reach 10,415.03 while the FTSE Mibtel put on 1.91% to finish at 16,765.28.

US stocks closed higher on Wednesday, as oil prices staged a turnaround after the historic drop seen over the last two sessions. The Dow Jones Industrial Average ended the session up 1.99% at 23,475.82, the S&P 500 added 2.29% to 2,799.31, and the Nasdaq Composite was 2.81% firmer at 8,495.38.

Netflix doubles expected tally of new subscribers amid Covid-19 lockdown

Netflix has more than doubled the number of new subscribers it expected in the last three months as more people signed up amid the coronavirus pandemic.

The streaming giant announced on Tuesday that it added 15.77 million new paid subscribers globally, well above the 7 million it had expected, as people worldwide sought ways to entertain themselves during the lockdowns.

The boost led to huge audiences for the service’s hit shows. About 64 million subscribers watched Netflix’s Tiger King Documentary as much of the world went into lockdown to avoid the pandemic. Other hits included the reality show Love Is Blind, which attracted 30 million subscribers in the last three months, and its original film Spenser Confidential (85 million).

The company acknowledged that the huge surge in membership and audience was probably temporary.

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.