Netflix shares fell more than 8% in after-hours trading , as a disappointing second-quarter outlook and leadership changes outweighed otherwise solid first-quarter results. Weak Guidance Sparks Sell-Off Netflix forecast Q2 earnings of US$0.78 per share , below analyst expectations of US$0.84 , while revenue is projected at US$12.57 billion , missing the US$12.64 billion consensus . The weaker guidance raised concerns over near-term growth momentum , triggering a sharp negative market reaction. Strong Q1 Performance Fails to Impress For the first quarter: Revenue rose 16% YoY to US$12.25 billion (above estimates) Earnings surged 86% to US$1.23 per share However, earnings were boosted by a US$2.8 billion one-off termination fee , reducing the quality of underlying growth. Operating margin improved to 32.3% , but still came in below expectations (32.4%) , further dampening sentiment. Rising Costs and Strategic Sh...
Market Daily Report: KLCI up in the final trading minutes on late buying on Axiata and Public Bank shares
KUALA LUMPUR (Dec 16): The FBM KLCI gained 0.8 point in the final trading minutes to close at 1,637.79 points on late buying of Axiata Group Bhd and Public Bank Bhd shares.
At 5pm, Axiata rose 18 sen to RM4.68 while Public Bank added 14 sen to RM19.80. KLCI-linked Axiata and Public Bank were Bursa Malaysia's fourth and seventh-largest gainers respectively.
The KLCI, which ended at its intraday high, had earlier fallen to its intraday low at 1,632.46 points. The KLCI had fallen as the ringgit weakened to a fresh one-year level against the US dollar today at 4.4785.
The ringgit fell after the US Federal Reserve (Fed) raised interest rates last Wednesday and indicated further hikes in 2017.
Reuters reported that the Fed raised interest rates by 25 basis points to between 0.5% and 0.75% on Wednesday as widely expected. The real mover came from the Fed signalling three hikes in 2017, up from around two flagged at its September policy meeting.
In Malaysia today, Public Investment Bank Bhd research head Ching Weng Jin told theedgemarkets.com the weak ringgit had been prevalent since Donald Trump's surprise win in the US presidential election.
Ching said the ringgit's depreciation continued to weigh on the KLCI.
"The KLCI has been down since the announcement of the US election results, which had led to the strengthening of the US dollar against the ringgit. This has been a long-running issue for the local market," he said.
Source: The Edge
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