Briefs: Netflix shares nose-dive; revenue shrinks at Goldman Sachs and Morgan Stanley
Netflix watched a horror show on Wall Street on April 18, as it forecast slowing growth in the U.S. and abroad. The streaming video platform added 6.7 million subscribers in the first quarter; in the current period it expects to add 2 million international users and 500,000 U.S. viewers, both behind last year’s pace. Netflix shares slid almost 15 percent on the news.
Goldman Sachs delivered its worst financial report in four years, faced with low interest rates and a skittish mergers-and-acquisitions market. Sales at the bank fell 40 percent in the quarter ended on March 31. Morgan Stanley also posted a 21 percent quarterly revenue decline. European Union regulators charged Alphabet with unfairly pressuring gadget makers and cell phone companies to make Google their default search engine. Google said it will demonstrate that Android is good for competition and consumers.
Abolitionist Harriet Tubman will replace Andrew Jackson on the $20 bill, part of the U.S. Treasury’s push to highlight the contributions of American women. The popularity of the musical Hamilton helped keep Alexander Hamilton on the $10 bill.
United Continental Holdings settled a boardroom tussle with two major investors, agreeing to replace three of its independent directors. The chairman role will go to former Air Canada CEO Robert Milton. But former Continental CEO Gordon Bethune, a controversial alternate candidate championed by activists during the proxy battle, won’t get a board seat.
Intel will slash 12,000 jobs, about 11 percent of its workforce, as the shrinking computer business casts a shadow on its chips. It’s struggled to connect to the smartphone market.