Briefs: Net­flix shares nose-dive; rev­enue shrinks at Gold­man Sachs and Mor­gan Stan­ley

Bloomberg Businessweek (Europe) - - NEWS - By Kyle Stock

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.

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